Oz June Job Growth Booms

Roman Schwartz
July 21, 2018

Australian government bonds slumped on Thursday after June employment change massively beat market expectations, pushing the 2-year yield to highest since June 21.

Work hours rose despite the hours worked per person remained similar to previous months, with June recording a 0.6% increase with an additional 10.7mn hours.

Nearly 3000 jobs were added in the month, taking overall employment to more than 1.34 million. Markets had been expecting jobs growth of just 16,000.

Economists and policymakers have been sweating on the data, hoping continued record job creation eventually kicks stagnant wages into gear.

"Obviously the job is not over and more remains to be done".

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According to latest figures released by the Australian Bureau of Statistics (ABS) today, trend employment increased by around 27,000 persons in June 2018 and the growth was evenly split between full-time and part-time employment, with both increasing by over 13,000 persons.

The participation rate also lifted to 65.7 per cent.

"These are excellent youth unemployment figures and it is great to see young people getting jobs, because a young person who is getting onto a job before the age of 24, that is a young person who doesn't look forward to a life on welfare". The 339,000 jobs created in 2017-18 was the best financial year performance since 2014-15.

Nationally, the jobless rate was steady at 5.4 per cent after the creation of 50,900 jobs.

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