Latest Addition to the Strengthening Full-time Employment Trend in Australia

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Australian Economy, Uncategorized

 

The trend of falling full-time employment witnessed through from March 2016 seems to have reversed to full-time growth over recent months. The growth uptrend has been reinforced by the latest data released by the Australian Bureau of Statistics (ABS), as per the March 2017 update.

The seasonally adjusted number of persons employed increased by 60,900 in March 2017 and the seasonally adjusted unemployment rate remained steady at 5.9 per cent owing to the rise in participation rate that has been 64.8 per cent. The employment to population ratio remained as is at 60.9 per cent. The number of new jobs tripled with full-time new positions with seasonally adjusted full-time employment of 74,500 persons while 13,600 part-time jobs were found to be lost.

In trend terms, the employment surged by 16,500 to 12,033,400 persons in March 2017. Total employment growth over the year was 1.0 per cent, but this was slightly above the half of the average growth rate of the past 20 years (1.8 per cent). There was a dip in trend monthly hours worked by 0.4 million hours (0.02 per cent) with decreases in total hours worked by both full-time and part-time workers. On the other hand, the trend unemployment rate rose by less than 0.1 percentage points, to 5.9 per cent in March 2017. The trend participation rate also increased slightly, to 64.7 per cent.

Although the employment numbers have been strong, the unemployment rate still raises few concerns among economists.

With the release of the strong data, Aussie dollar witnessed a rise from US75.35 cents to about US75.8 cents.

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Employment to Population Ratio (Source: ABS)


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