The Australian jobs data today showed another 15,600 jobs created in the nation’s economy in February, right in line with market expectations.
Given the nature of Australian data in recent months it’s a solid result in a patchy economy. It put only the tiniest dent of 0.1% in the unemployment rate which is now 6.3%.
And it’s still far below where job creation needs to be in order to deliver on Tony Abbott’s promise to create a million jobs in the economy in five years.
Market strategist David Scutt has put together this chart which shows the progress against the target. Scutt is a cricket fan and this charts the data like a one-day cricket progress score, with the run-rate required to make the target against the actual data.
Updated with revisions. Pace of Australian job creation falling below that required to generate 1m jobs over 5 years pic.twitter.com/PQp436yZTH
— David Scutt (@David_Scutt) March 12, 2015
Australia needs to be creating almost 19,000 jobs a month, on a trend basis, to reach the Abbott target. Every month the number’s short, the harder this will become.