Australia added 49,500 jobs in September, marking the best gain in eight months as the country’s economy continued its robust recovery. August job creation was also revised up in the latest September release, to 31,600, and Australia’s unemployment rate is now just shy of breaking below 5%.
Contrasted with other parts of the developed world, Australia’s economy is a star with China to thank due to the emerging superpower’s rabid demand for many of the commodities Australia produces.
However, what’s most striking about the Australian jobs situation is that, as economist Roland Randall of TD Securities points out, the financial crisis didn’t dent employment growth. The financial crisis caused Australian employment growth to at worst flat-line as shown below. It then resumed its upward charge, which has accelerated just now in September:
To add insult to injury, today’s employment news sent the Australian dollar soaring, and it’s now essentially at parity with the U.S. dollar.
(Top chart via TD Securities, Roland Randall, 7 October 2010)