Boom: Australian jobs have just printed a phenomenal rise of 37,400 which is much stronger than the 5,000 rise expected.
This huge number follows on from last month’s 42,700 rise which has been revised to 14,400. The good news is that the growth has come in full-time employment which rose 41,600 against the fall in part-time of 4,200.
The unemployment rate has now fallen to 6.1%.
These data once again raises questions about the accuracy of the ABS data or at least the pundits ability to predict the data.
But the key takeaway from this data is that once again total Australian employment has hit a new all-time high of 11,679,376, seasonally adjusted.
More Australians will be taking home pay cheques. More Australians will have income to spend in the economy.
As a result this is exactly the salve that the Australian economy needs at this time of slowing growth and slower than expected economic transition.
That is good news for the economy but according to ANZ Chief Economist Warren Hogan, who this morning revised his bank’s forecasts to two RBA rate cuts this year, the Unemployment rate is still too high.
Indeed at 6.1% the unemployment rate is still at the highest level in a decade. Meaning RBA rates will still need to be lowered to stabilise the Australian economy.