Economic Indicators

Australian jobs surge in August, unemployment remains steady

2023.09.13 22:18


© Reuters.

Investing.com– Australian employment grew more than expected in August, data showed on Thursday, bouncing back from a small contraction in the prior month as labour conditions remained tight. 

The in the country grew 64,900 in August, data from the Australian Bureau of Statistics (ABS) showed. The reading blew past expectations for growth of 24,300 people, and showed a strong recovery after a 14,600 contraction seen in the prior month. 

Australia’s remained steady at 3.7%. Thursday’s reading showed that despite some cooling in July, Australia’s labour market remained largely strong, with the – which represents the number of people within working age and in the labour force- hitting a record high of 67% in the month. 

“Looking over the past two months, the average employment growth was around 32,000 people per month, which is similar to the average growth over the past year,” Bjorn Jarvis, ABS head of labour statistics, said in a statement.

Jarvis also noted that the data continued to reflect a tight labour market. A shortage of skilled workers and increasing vacancies has kept employment conditions tight over the past year, and has also helped drive up wages, although not as strongly as seen in other developed countries. 

The rose 0.2% after the reading, with strength in the labour market spurring some hopes that the Reserve Bank may yet increase interest rates further this year.

A tight labour market underpinned consumer spending, which in turn was a key driver of inflation over the past year. While inflation has cooled substantially this year, it still remains well above levels which the RBA is comfortable with. 

The , but said it was still considering more rate increases, and will continue with a data-driven approach to future rate decisions. 

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 92,556.80 1.83%
ethereum
Ethereum (ETH) $ 3,332.51 3.21%
tether
Tether (USDT) $ 1.00 0.01%
solana
Solana (SOL) $ 230.62 2.77%
bnb
BNB (BNB) $ 613.95 4.44%
xrp
XRP (XRP) $ 1.38 3.35%
dogecoin
Dogecoin (DOGE) $ 0.385625 4.32%
usd-coin
USDC (USDC) $ 1.00 0.17%
cardano
Cardano (ADA) $ 0.948222 1.86%
staked-ether
Lido Staked Ether (STETH) $ 3,334.10 3.25%
avalanche-2
Avalanche (AVAX) $ 42.59 1.16%
tron
TRON (TRX) $ 0.195225 1.24%
the-open-network
Toncoin (TON) $ 6.21 1.36%
shiba-inu
Shiba Inu (SHIB) $ 0.000024 2.47%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,952.97 3.08%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 92,417.76 1.78%
stellar
Stellar (XLM) $ 0.429502 13.41%
polkadot
Polkadot (DOT) $ 7.98 4.76%
chainlink
Chainlink (LINK) $ 17.21 1.94%
weth
WETH (WETH) $ 3,333.10 3.28%
bitcoin-cash
Bitcoin Cash (BCH) $ 491.66 1.40%
sui
Sui (SUI) $ 3.40 4.74%
near
NEAR Protocol (NEAR) $ 6.51 1.51%
pepe
Pepe (PEPE) $ 0.000018 5.66%
leo-token
LEO Token (LEO) $ 8.03 2.68%
litecoin
Litecoin (LTC) $ 92.61 1.43%
uniswap
Uniswap (UNI) $ 10.92 3.91%
aptos
Aptos (APT) $ 11.91 0.90%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,506.20 3.17%
internet-computer
Internet Computer (ICP) $ 11.06 6.33%
hedera-hashgraph
Hedera (HBAR) $ 0.135913 1.42%
usds
USDS (USDS) $ 1.01 0.71%
crypto-com-chain
Cronos (CRO) $ 0.172062 2.74%
ethereum-classic
Ethereum Classic (ETC) $ 28.19 5.38%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.523826 5.63%
bittensor
Bittensor (TAO) $ 564.53 2.32%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.12%
render-token
Render (RENDER) $ 7.42 3.04%
kaspa
Kaspa (KAS) $ 0.148529 2.25%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.37 5.02%
arbitrum
Arbitrum (ARB) $ 0.859594 4.59%
celestia
Celestia (TIA) $ 7.99 4.98%
whitebit
WhiteBIT Coin (WBT) $ 23.68 1.27%
dai
Dai (DAI) $ 1.00 0.09%
mantra-dao
MANTRA (OM) $ 3.65 0.76%
vechain
VeChain (VET) $ 0.040841 0.23%
filecoin
Filecoin (FIL) $ 5.39 3.01%
bonk
Bonk (BONK) $ 0.000042 3.91%
blockstack
Stacks (STX) $ 2.10 3.53%
okb
OKB (OKB) $ 52.30 1.95%