Australia just received unbelievably strong jobs report for October. Employment jumped by 58,600, most of it full time workers, while the unemployment rate tumbled to 5.9%, the lowest level seen since April 2014.
The increase in employment, nearly quadruple the median market forecast, took employment to 11,838,228, the highest level on record.
Perhaps something even more pleasing than the total number of employed is the pace it is increasing at.
In the year to October employment surged by 315,039, the largest annual increase since April 2008. In percentage terms that equates to 2.733%, an acceleration that hasn’t been seen since November 2010, and one that is akin to levels recorded in the boom years for Australia’s economy in the mid 2000s.
While the validity of the ABS data is again being questioned, regardless they are strong numbers. They’re back to levels seen prior to the global financial crisis, and that’s something worth celebrating.
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