Higher Unemployment But More Jobs

Employment conditions at record high

Figures from the Australian Bureau of Statistics show that the country's monthly unemployment rate has hovered at the 5.5% level since May a year ago.

The Australian Bureau of Statistics workforce report this morning shows that WA's jobless rate fell to 6.5 per cent in April, down from 6.9 per cent in March.

"The improvement in the employment index was particularly welcome in the light of the ABS reporting a slowdown in jobs growth in recent months". There was also a lift in the participation rate which measures the number of people in work or looking for employment.

Monthly hours worked in all jobs increased 19.4 million hours (1.11%) to 1,764.0 million hours.

In the first quarter, gains were recorded in the formal sector, with an increase of 111,000 jobs, while the informal sector added 93,000 while private households added 5,000 jobs, the agency added.

"The labour market was always set to cool after such a strong 2017", she said.

The March figure had prompted concerns about the state of the WA economy.

One of our key demands as the Youth League is for the SA Reserve Bank's mandate to be redefined to play a more activist, interventionist and developmental role in an effort to fight poverty and struggles to create decent work, as opposed to the status quo of inflation targeting.

The South African government should urgently convene a job summit in order to solicit a deeper understanding of the unemployment crisis, the African National Congress Youth League (ANCYL) said on Thursday.

"It is hard to see a meaningful pick up in wages given that employment growth is expected to be good for the remainder of 2018, but not spectacular", said Diana Mousina, senior economist at AMP.

Related:

Comments


Other news