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Australia's jobs report smashes expectations again; ABS 6202.0 - Labour Force, Australia, May 2017. Jobless rate falls to 4-year low of 5.5%.
Topic Started: 15 Jun 2017, 01:22 PM (4,904 Views)
Rufus
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Australia's jobs report smashes expectations again
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Australia’s May jobs report has yet again smashed expectations, with employment growth lifting strongly and unemployment tumbling to a multi-year low.
According to the ABS, employment jumped by 42,000 in seasonally adjusted terms, easily surpassing expectations for an increase of 10,000.
It was the eight consecutive month that an increase in employment had been recorded.

Full-time employment surged by 52,100 to 8,287,400 while part-time employment fell by 10,100 to 3,865,200.
Over the year, full-time employment rose by 148,000, outpacing an increase in part-time employment of 84,800. That’s a stark turnaround to what was seen only a few months ago when all of the job growth was coming purely from part-time employment.

In 2017 alone employment has now grown by 153,700, an average of 30,700 per month. Over 98,000 of those have been full-time workers.
Australia’s largest labour markets drove the strong May result with employment in New South Wales, Victoria and Queensland rising by 32,600, 6,900 and 5,500 respectively.
Courtesy of the lift in hiring, the unemployment rate tumbled to 5.5%, again topping forecasts for a steady reading of 5.7%.

Read more at https://www.businessinsider.com.au/australia-may-jobs-report-2017-6#22tOoIsHB1WSbXdX.99



See chart below - UE is falling in all states except SA.

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Edited by Rufus, 15 Jun 2017, 01:23 PM.
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Admin
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ABS Data: http://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0

Employed Persons
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Unemployment Rate
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Quote:
 
MAY KEY POINTS

TREND ESTIMATES (MONTHLY CHANGE)

Employment increased 25,200 to 12,122,100.
Unemployment decreased 4,800 to 729,200.
Unemployment rate remained steady at 5.7%.
Participation rate remained steady at 64.8%.
Monthly hours worked in all jobs increased 2.9 million hours (0.18%) to 1,677.7 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

Employment increased 42,000 to 12,152,600. Full-time employment increased 52,100 to 8,287,400 and part-time employment decreased 10,100 to 3,865,200.
Unemployment decreased 18,600 to 711,900. The number of unemployed persons looking for full-time work decreased 23,000 to 489,300 and the number of unemployed persons only looking for part-time work increased 4,400 to 222,700.
Unemployment rate decreased by 0.2 pts to 5.5%.
Participation rate increased by less than 0.1 pts to 64.9%.
Monthly hours worked in all jobs increased 31.1 million hours (1.87%) to 1,695.3 million hours.

LABOUR UNDERUTILISATION (QUARTERLY CHANGE)

Trend estimates: the labour force underemployment rate increased 0.1 pts to 8.8%. The underutilisation rate remained steady at 14.5%.
Seasonally adjusted estimates: the labour force underemployment rate decreased 0.1 pts to 8.8%. The underutilisation rate decreased 0.4 pts to 14.4%.
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Trollie
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so much for that recession the bears predicted about 10 times over.
Edited by Trollie, 15 Jun 2017, 01:49 PM.
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Rat
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Quote:
 
http://www.smh.com.au/business/the-economy/unemployment-falls-to-55-per-cent-in-may-20170615-gwrh97.html

The unemployment rate fell to 5.5 per cent in May, its lowest level since February 2013, as 42,000 new jobs were created.

The strong jobs creation was all in full-time employment, with 52,100 full-time positions being added to the economy

More jobs and more hours worked means more spending and more momentum for the economy. This is a result to be celebrated
But Crazy Ted told me jobs were 'tanking' everywhere, along with house prices and rents. The ABS must be lying. :D
Edited by Rat, 15 Jun 2017, 02:02 PM.
Consumer protection laws extended to small businesses. Banks not permitted to repossess due to non-monetary defaults (for example, a fall in the property value).
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A Lurker
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Great news and as the myriad of infrastructure projects ramp up I can only see upside from here.
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Simon_S
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A Lurker
15 Jun 2017, 03:19 PM
Great news and as the myriad of infrastructure projects ramp up I can only see upside from here.
Great News Indeed........

Now The RBA no Longer needs to Lower Rates......

Meanwhile the US FED is Raising them......

Ahh....Good Times....In the Australian Economy.

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A Lurker
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Simon_S
15 Jun 2017, 03:55 PM


Ahh....Good Times....In the Australian Economy.
Correct.
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Simon_S
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A Lurker
15 Jun 2017, 04:07 PM
Correct.
Yes......Higher Rates certainly are a Big help.......

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A Lurker
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Simon_S
15 Jun 2017, 04:25 PM
Yes......Higher Rates certainly are a Big help.......
Yes I expect rate cuts in Australia will be off the table due to our continued resilience.

I wouldn't expect any rate rises from the RBA here this year but they are no doubt coming if the economy improves further. As previously mentioned, rates will rise if and when we can afford the rises. As private debt levels are so high, modest rises will have a dampening effect on demand/inflation quicker than previously.

Takeaways from this are:

- the economy is doing well, unemployment is down
- RBA rate rises are likely to be a fair time off and when they come will be modest

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Simon_S
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A Lurker
15 Jun 2017, 04:40 PM
Yes I expect rate cuts in Australia will be off the table due to our continued resilience.

I wouldn't expect any rate rises from the RBA here this year but they are no doubt coming if the economy improves further. As previously mentioned, rates will rise if and when we can afford the rises. As private debt levels are so high, modest rises will have a dampening effect on demand/inflation quicker than previously.
The US FED doesn't interview Australian Mortgage Holders before it Raises Rates......

Nor does the RBA for that matter.

The only take away is the Good Times are over........But you can Pretend otherwise.

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