Wednesday, 23 January, 2019

Blokes lead the way as WA jobless rate tumbles

About 1.3 million people are employed in WA About 1.3 million people are employed in WA
Steven Clarke | 17 May, 2018, 13:33

Latest figures show the Australian economy has added more than 22,000 new jobs over the past month. There was also a lift in the participation rate which measures the number of people in work or looking for employment. Full-time employment increased 32,700 to 8,543,400 and part-time employment decreased 10,000 to 3,957,700.

He noted that the unemployment rate declined 0.25 percentage points over the past year and is expecting something similar over the year ahead.

However, disappointing unemployment rate paused the rise in the bond yields across the curve.

With labour supply expanding to meet demand, there is less upward pressure on wages and inflation and thus no near-term trigger for a rise in interest rates from the Reserve Bank of Australia (RBA).

BIS Oxford Economics head of macroeconomics Sarah Hunter said slower job creation was not a surprise.

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The RBA last cut rates to a record low 1.5 percent in August 2016 and is seen likely to keep policy unchanged for another year as it awaits a pick up in wage growth and consumer prices.

Business is hiring more workers in Western Australia.

Employment increased 13,800 to 12,505,200.

Australian government bonds edged slightly lower on Thursday after employment index for the month of April hits the highest level since the polling began in March 1997, pushing the benchmark 10-year bond yield to a 3-month high. The number of unemployed persons looking for full-time work decreased 17,100 to 506,100 and the number of unemployed persons only looking for part-time work increased 27,600 to 234,900.

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