Australia’s employment rate surges in January
Australian employment data has shown employment has surged in January, according to the Australian Bureau of Statistics.
Australia's trend unemployment rate remained steady in January at 5.1%.
ABS figures showed, the employment rate has risen by 39,000 new jobs, made up of 65,400 in full-time employment, while part-time employment fell 26,300. Forecasts centred on a rise of 15,000 in employment.
Unemployment increased by 6,600, with the unemployment rate remaining steady at 5%.
ABS chief economist Bruce Hockman said: ‘The unemployment rate has remained at 5.1% for a second month, supported by strong participation in the labour force, at 65.7%.’
According to ABS data, participation rate increased 0.1 pts to 65.7%, while monthly hours worked in all jobs increased 6.6 million hours to 1766.4 million hours.
Over the past year, trend employment increased 2.4 % which was above the average annual growth over the past 20 years, according to the ABS.
The monthly trend underemployment rate remained steady at 8.3%. The monthly seasonally adjusted underemployment rate decreased 0.2 pts to 8.1%.
‘The 15-64 year old employment to population ratio reached a historical high of 74.1 per cent, with almost three of every four 'working age' Australians now employed’, Mr Hockman said.
Unemployment per state
The trend unemployment rate increased in South Australia, Western Australia and Tasmania but fell in New South Wales and Queensland, and remained steady in all other states and territories.
The monthly trend underemployment rate remained steady at 8.3%. The monthly seasonally adjusted underemployment rate decreased 0.2 pts to 8.1%.
The Australian dollar jumps on strong employment data
AUD/USD has moved up to from $0.7166 to $0.7200 in response to the jobs data.
Analysts say the strength in employment is helping to ease the reserve bank's concerns over potential risks.
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