Australian Employment touches 2 years high
Team Veye | 20-Jan-2018
The recent Australian Employment figures from the Australian Bureau of Statistics show a very positive trend. The economy in Australia added way more jobs than expected in December 2017. However, the unemployment rate also moved up 0.1% from 5.4% to 5.5%. Although, there has been a surge in both the Participation Rate and Unemployment rate the Australian Dollar walked unsteadily. The forecasted numbed of new jobs during Dec’17 was 15000 whereas the actuals have been around 34,700. These number have been the highest since Oct 2015. After a continuous growth from November, it was expected to boost the economy and make the Australian stronger but that doesn’t appear to be the case. The reason was found hidden somewhere in the detailed numbers – Full time jobs rose only by 15000 whereas part-time numbers were up only by 19500 and both the figures were lower than their performance figures in Nov’17. In addition, the unemployment rate also edged up by 0.1% that was not expected.
All this seems to have led to a brief negativity. Although in overall performance, the AUD seems to be showing a solid uptrend against the USD for considerable time now. While such elevated rates of jobs growth are unlikely to be sustained, most leading labour market indicators suggest growth will remain decent in the coming months,” she says.
“In other words, it has been a stellar year for the labour market, which should provide some support to income growth.”
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