Money Economists think Australia's jobs boom continued in March

16:02  13 april  2018
16:02  13 april  2018 Source:   businessinsider.com.au

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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 ' 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.

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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

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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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