Economy

Australia adds 21,600 jobs in December, jobless rate drops to 5.0%

Australia adds 21,600 jobs in December, jobless rate drops to 5.0%

Over the past year, trend employment increased by 2.3% to 284,100 above the average annual growth over the past 20 years.

The participation rate - which was at 65.6% last month - helped rein in unemployment numbers.

Trend monthly hours worked increased by 0.1% in December 2018 and by 1.5% over the past year.

AMP Chief Economist, Dr. Shane Oliver says that with Australian consumers continuing "to face headwinds due to the ongoing housing market correction and a savings rate that is already extremely low, today's jobs data is unlikely to move the dial either way for the RBA".

So, what we see in the United Kingdom economy is a buoyant labour force, with wages finally increasing, unemployment decreasing (especially amongst young people and women) and higher levels of vacancies.

The unemployment rate remained steady at 5.0%.

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Figures published by Statistics Finland on Thursday show that the number of unemployed fell considerably previous year. Western Australia, on the other hand, recorded the highest unemployment rate at 6.3%.

The employment-to-population ratio - capturing the proportion of Australia's working age population in employment - also ticked higher by 0.1 percentage points to 62.4% in seasonally adjusted terms, leaving it at the highest level in a decade. Moreover, full-time employment contracted slightly.

Another positive indicator is the number of vacancies available i.e. positions for which employers are actively seeking to recruit outside their business or organisation.

This suggests spare capacity in the economy and future sluggishness in wages growth.' Mr Rodda said.

Financial markets share that view with the Australian dollar and government bond yields lifting following its release.

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