Australia saw much stronger than expected jobs growth in December 2017. However the unemployment rate edged up to 5.5% with jump in participation, suggesting unexpected spare capacity in the labor market.
Australia saw much stronger than expected jobs growth in December 2017. However the unemployment rate edged up to 5.5% with jump in participation, suggesting unexpected spare capacity in the labor market.
Another positive is the increased spare capacity, though larger than expected is being absorbed quickly. The report suggests the momentum in growth combined with strong forward-indicators the labor market should continue to tighten in 2018.
December 2017 Jobs Report For Australia
- Employment rose by 35k in December beating expected 15k
- Over the past six months jobs growth has averaged 35k a month.
- Annual employment growth stands at 3.3%, which is the strongest rate of annual growth since January 2008.
- Full-time employment rose by 15k in December and was up 3.7% y-o-y.
- Part-time employment was 20k higher in the month, and up 2.6% y-o-y.
- The unemployment rate was 5.5%, up 0.1ppt from the previous month.
- Strong employment growth met by a 0.2ppt increase in the participation rate, to 65.7%.
- Participation rate is just 0.1ppt below the all-time high in participation (recorded in November 2010)
- Total hours worked fell by -0.2% m-o-m.
- Trend annual growth in hours worked was 3.6%, the strongest annual
Source: ABS, HCBC
From a Sunburnt Country