22 Feb 2019
Employment in Australia has started the year on a strong note, with 39,100 new jobs being created in the month of January.
The Australian Bureau of Statistics (ABS) revealed that the soar in recruitment levels was driven by full-time positions, which increased by 65,400. Meanwhile, part-time work dropped by 26,300 jobs.
Nonetheless, the unemployment dial still remained put at 5% in seasonally adjusted terms.
As a result of the employment boost, the Australian dollar briefly surged to a two-week high of $0.7208.
Average hours also consequently rose to an additional 1.6% over the year in trend terms.
Employment levels between states is evidently varying, with national figures revealing that New South Wales’ unemployment rate has now dropped to a record low 3.9% due to an increase of over 47,000 jobs – while Victoria’s increased to 4.5%.
Meanwhile, Queensland is at 6%, South Australia at 6.3%, Western Australia at 6.8% and Tasmania at 7%.
RBA Deputy Governor Guy Debelle recently spoke of the labour market’s impact on the economy.
“The main thing is to not lose your job. I say that in all seriousness.”
He added: “Our main job is to make sure that the economy continues at a reasonable pace, with a low level of unemployment. That’s going to be the thing which allows most people out there, who’ve got a mortgage, to continue to handle that mortgage.”