Money Economists think Australia's jobs boom continued in March

16:02  13 april  2018
16:02  13 april  2018 Source:   Business Insider Australia

Sydney home prices continue to slide

  Sydney home prices continue to slide Australian home prices fell modestly in early April in weighted terms, reflecting continued weakness in Sydney. Sydney home prices continued to fall in early April, continuing the trend seen in recent months.

Australia ' s employment boom continued in December with 34,700 new jobs added over the month, the 15th consecutive month of expansion, and "Despite the stellar performance of the labor market in 2017, we don't think wage growth will rise much this year," said Paul Dales, chief economist at

Australia ' s jobs boom continued in December with a further 34,700 jobs added over the month, cementing rising confidence around the outlook for the economy in the year ahead. Economists had expected an unemployment rate of 5.4%.

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  • Australia has created jobs in each of the past 17 months, the longest consecutive stretch on record.
  • Economists expect Australia's jobs juggernaut will extend into an 18th consecutive month in March.
  • Unemployment is tipped to 5.5%, still above the 5% level many believe it will need to hit, or even fall below, before wage pressures begin to build.

Australia has created jobs in each of the past 17 months, the longest consecutive stretch on record.

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Over that period, employment has increased by a mammoth 420,700, the second-highest level over a 12-month period on record. Of those, 327,600 were full-time positions.

The Australian dollar remains under pressure

  The Australian dollar remains under pressure The Australian dollar remains pressured by ongoing concerns surrounding trade tensions between the US and China. The Australian dollar remains under pressure, hindered by persistent concerns that trade tensions between the United States and China could erupt into a full-blown trade war.

This is why economists use the “ job vacancy rate,” which measures the number of vacancies as a percentage of the labour force. Queensland hasn’t seen much improvement, and in Western Australia the end of the mining boom continues to bite.

Economists had forecast just 185,000 new jobs in March , according to a survey conducted by Reuters. Small businesses led the jobs boom in March , with companies with fewer than 50 employees adding 118,000 positions.

Economists expect Australia's jobs juggernaut will extend into an 18th consecutive month in March.

Of the 21 polled by Bloomberg, the median forecast looks for an increase in employment of 20,000. Individual forecasts range from a gain of anywhere between 10,000 to 30,000 -- no one expects a decline.

Despite near-record hiring over the past 12 months, Australia's unemployment rate still sits at 5.6%.

This reflects that size of Australia’s labour force -- combining workers and those seeking work -- grew by 406,700 over the same period. This increase reflects strong levels of population growth along with robust job market conditions encouraging more Australians not previously in the labour market to look for work.

Economists expect unemployment to fall to 5.5% in March, still above the 5% level many believe it will need to hit, or even fall below, before wage pressures begin to build.

Australia's March jobs report will be released on Thursday, April 19.

Aussie dollar plunges on weak job figures .
Disappointing local employment figures and falls in US stocks overnight has dragged the Australian dollar lower.At 0635 AEST on Friday, the local currency was worth 77.31 US cents, down from 78.01 US cents on Thursday.

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