Powered by MOMENTUM MEDIA
subscribe to our newsletter
Unemployment rate falls to 6.1pc

Unemployment rate falls to 6.1pc

Australia’s labour market ended 2014 on a positive note, according to figures released by the Australian Bureau of Statistics.

The unemployment rate fell 0.1 percentage points to 6.1 per cent in December last year, while the participation rate increased by less than 0.1 percentage points to 64.8 per cent.

The number of people employed increased by 37,400 to 11,679,400, which represented a 1.9 per cent increase on the previous year.

Advertisement
Advertisement

This was driven by a rise in full-time employment for both females and males – up 23,300 and 18,200 respectively.

The ABS said the increase in full-time employment was marginally offset by a fall in part-time employment – down 4,100.

Westpac senior economist Justin Smirk said the increase in employment contradicted the bank’s forecast of a fall of 10,000 jobs.

Mr Smirk said leading indicators suggested that total employment growth should have ended the year at around 1.5 per cent before rising to 2.0 per cent in early 2015.

“We have now seen this lift almost fully realised,” he said.

“While it is possible for employment growth to overshoot the leading indicator in the short run, during the last few months the employment indicators in the various business surveys have dipped below their long-run average.

“The bump in the pace of employment growth may prove fleeting in 2015.”

Unemployment rate falls to 6.1pc
mortgagebusiness

 

Latest News

Ahead of Parliament returning next week, Prime Minister Scott Morrison has conceded that Australia is facing “challenges and headwinds” ...

Slater and Gordon has filed a class action against AMP claiming compensation for more than 2 million people it alleges have been charged ...

An aggressive monetary policy strategy employed in response to rate cuts in foreign markets would be a “dangerous path to go down”, Rese...

FROM THE WEB
podcast

LATEST PODCAST: Broker share and Westpac U-turn

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.