More jobs than expected gives Australia a stronger economic outlook

by Ray Clancy on April 13, 2012

in Jobs in Australia

Hiring has been strong in healthcare, mining, finance and the public sector

Unemployment in Australia is continuing to fall and the seasonally adjusted rate was steady at 5.2% in March, the latest figures from the Australian Bureau of Statistics (ABS) show.

The ABS reported the number of people employed increased by 44,000 to 11,491,200 in March. The increase in employment was driven by increased full time employment, up 15,800 people to 8,080,400, and part time employment, up 28,200 people to 3,410,900.

The increase in employment was driven by an increase in both male and female full time and part time employment. The ABS data reveals an increase in the labour force participation rate of 0.2% in March to 65.4%.

The number of people unemployed decreased by 3,200 people to 629,100 in March, the figures also show but people are working longer hours with the monthly aggregate hours worked series showing an increase in March, up 9.5 million hours to 1,624.2 million hours.

Experts said that the figures show that the Australian economy is on track and doing better than many analysts had predicted, forecasting that it would be 5.3%. Also 44,000 jobs being created was eight time better than expected.

But the outlook depends on where you stay and which job sector you work in. There have been job losses in manufacturing, retail, real estate and construction. Employment also dropped in the farm sector, an odd result given the industry had one of its better years.

In contrast, hiring has been strong in healthcare, mining, finance and the public sector. Recently some banks have announced layoffs, but resource companies still plan to hire aggressively for liquefied natural gas projects.

Unemployment is highest in Tasmania at 7%, followed by Victoria at 5.8% and Queensland at 5.5%. In South Australia it is 5.2%, in New South Wales it is 4.8% and in Western Australia it is 4.1%. Unemployment is lowest in ACT at 3.6% and in Northern Territory at 4%.

The federal government in Canberra expects the jobless rate to hit 5.5% by the middle of 2012 but this prediction is due to updated in the May budget.

Australia avoided a recession during the global financial crisis, insulated by its mining exports to China and other Asian nations, and recorded growth of 0.4% in the final quarter of 2011 despite global debt turmoil.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: