Tuesday, 22 May, 2018

Unemployment rises to 5.6 per cent in April

Employment conditions at record high Jobless rate ticks up to 5.6 per cent
Lucia Summers | 18 May, 2018, 01:16

Economists had expected employment to rise by 20,000, although they had thought the unemployment rate would have remained at 5.5 per cent.

The one million mark ticked over after new figures showed 22,600 people found employment in April, with an increase of 32,700 in full-time workers offset by a drop in part-timers. Participation in the workforce has never been higher, led by stronger participation by women and older Australians, but the unemployment rate continues to drift slowly upwards.

Similarly, the separate Quarterly Business Survey employment index - which utilises a larger sample - is also consistent with robust jobs growth.

The number of unemployed persons looking for full-time work decreased 17,100 to 506,100 and the number of unemployed persons only looking for part-time work increased 27,600 to 234,900. Gauteng Province, the country's economic engine, dropped by 0.5 of a percentage point, the Stats SA showed.

It has remained between 5.4 percent and 5.6 percent for nearly a year even as annual job growth accelerates at 2.7 percent, more than one-and-a-half times the US pace of job creation of 1.6 percent.

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California is one of seven states, along with the District of Columbia , that has legal protections for assisted suicide. But Ziegler added that she is confident the ruling will be appealed and that the law will be allowed to stand.

With labour market slack still quite high, particularly when accounting for broader measures of unemployment, it is little surprise that wage growth remains subdued. However, disappointing unemployment rate paused the rise in the bond yields across the curve.

"This will keep a lid on wages growth and price inflation, and will keep the RBA on the sidelines until at least the December quarter 2019".

Interest rates have been on hold at record lows 1.5 percent since August 2016.

In a positive sign for the Government, its promise of 2013 to create one million jobs in five years was met last month.

Unemployment jumped in Queensland to 6.5 per cent and South Australia (to 5.9 per cent).

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