Date 11.12.2015 The growth of jobs hits its strongest since 1980s as the unemployment rate reaches 5.8%. The Australian Bureau of Statistics stated “That’s sent the unemployment rate to its lowest in two years, to 5.8% in November, easily beating expectations.”

Official figures show that total number of people with a job had risen from 56,000 from the previous month to 71,400. These past two months has been the strongest two-month period for job growth since December 1987 to January 1988.

St George chief economist, Hans Kunnen, said the figures exceeded expectations and the labour market was firming and “almost beyond belief”

It is believed that the reason for the labour market strength was due to strong conditions within services, which tend to be more labour intensive. It is expected to that strong jobs growth will continue into the new year.

The ABS had stated in its report that the current group of households it surveys for its labour force report have a higher participation rate in the jobs market, this is what causes the figure of the jobs growth increase. The participation rate, meaning the number of people actively looking for work or newly employed rose to 65.3%.

However, the underlying trend rate of jobs growth is 15,000 so that the unemployment rate is kept steady, but the figures reached around 25,000 a month, which is much stronger, reflecting the strength of the labour market.

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Sources: http://www.heraldsun.com.au/business/economy/unemployment-falls-to-20month-low/news-story/aa40585521aed1fa165d14727fd587a5


http://www.abs.gov.au/ Australian Bureau of Statistics (seasonally adjusted)