Money Unemployment steady at 5.6% as 54,200 jobs added during August

10:31  14 september  2017
10:31  14 september  2017 Source:   ABC News

Comment: Rate rise not looming, and jobs growth won’t spell rate hike

  Comment: Rate rise not looming, and jobs growth won’t spell rate hike The kind of jobs growth we're seeing at the moment would traditionally have the RBA reaching for the interest rate trigger. But not now, Glenn Dyer and Bernard Keane write.After all, just over 200,000 jobs have been created since May in trend terms and around 307,000 — 253,000 full-time — jobs since August last year. On a seasonally adjusted basis, the strength was even clearer: August experienced the strongest monthly growth in jobs — 54,200 — in four years. And on both bases, a labour force participation rate the highest since 2012 at 65.2% (trend) and 65.2% (seasonally adjusted). That strong growth compares to just 85,000 created in all of 2016.

The private sector added 66,400 jobs while the public sector gained an estimated 14,100 jobs over the year. Washington’s preliminary seasonally adjusted unemployment rate for May 2017 is 4.5 percent. 54 , 200 . 4.2% 1,614,700. 67,100. April 2016 (Revised).

Unemployment remains steady at 5 . 6 per cent, despite the creation of nearly 10,000 jobs in October, as participation falls to a decade low.

Despite the increase in full-time work and the participation rate, the ABS only recorded a 0.4 per cent increase in total hours worked last month. © AAP Image/Alan Porritt Despite the increase in full-time work and the participation rate, the ABS only recorded a 0.4 per cent increase in total hours worked last month. Australia's unemployment rate has held steady at 5.6 per cent in August, due to the creation of more than 54,000 jobs, most of them full-time.

The Bureau of Statistics estimated that 40,100 full-time positions were added to the economy last month, with a further 14,100 part-time jobs also created.

The level of job creation was more than three times higher than what was expected by most economists, pushing the Australian dollar back above 80 US cents upon its 11:30am (AEST) release.

The reason the strong job creation did not lower the jobless rate from 5.6 per cent is that the ABS survey also recorded an increase in the proportion of people aged over 15 in work or looking for it — the participation rate — to 65.3 per cent.

Despite the increase in full-time work and the participation rate, the ABS only recorded a 0.4 per cent increase in total hours worked last month.

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