Australian Jobs increased by 16,000 in January 2018 and the rate of unemployment fell to 5.5% as per the figures released by Bureau of Statistics Australia. The streak of Australian jobs gains reached the longest term in January. The rate of employment also increased and female participation in the workforce reached an all-time record.
The numbers revealed by Bureau of Statistics Australia showed that 16,000 fresh jobs were added in January. It was in line with the prediction. The solid performance of the job market topped a rise in the labor market in both November and December 2017.
January was 16th consecutive month of Australian Jobs increase ever since the monthly records are being maintained from 1978. The 3.3 % yearly growth of jobs in Australia was twice the speed of job creation in the US, as quoted by the CNBC.
The rate of unemployment decreased to 5.5% from 5.6% in December. Sydney based Chief Economist Craig James said that the job market in Australia is overall in a great form. Increased numbers of people are looking for job opportunities. Businesses are also eager to hire, he added.
Full employment is around 5% believes the Reserve Bank. Thus there is a lot of additional capacity, said the economist. The female rate of participation in the job market was 65.6%. This has enhanced steadily in the last year as more number of women are now working.
There is decreased upward pressure on inflation and wages as the supply of labor has expanded to cater to the demand. So there is no trigger for increasing rates in the near term by the Reserve Bank of Australia.
Top indicators of demand for labor are adequately healthy. The job vacancies and business surveys are steady with the growth of jobs in Australia at 20,000 to 15,000 per month. Nevertheless, firms are hesitant to enhance salaries. This is partially due to an unwillingness to raise prices owing to stiff competition.
The labor agreements generally last for a few years. Thus this will impact the broader outcomes for salaries for some time now.
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