Economy

Unemployment steady at 5.6pc as 54200 jobs added during August

Unemployment steady at 5.6pc as 54200 jobs added during August”

The economy is still a long way from achieving full employment, estimated by the Reserve Bank of Australia at around 5.0%.

SYDNEY, Sept 14 (Reuters) - Australia's jobs blew past expectations to surge the most in two years in August, yet unemployment was static as more people looked for work, limiting upward pressure on wages, inflation and interest rates.

The performance is the best for the state since November 2012, when the jobless rate was recorded as 5.4 per cent.

Unemployment fell in Tasmania (to 6 per cent), South Australia (to 5.7 per cent), Queensland (to 5.7 per cent) while it was steady in Victoria at 6.1 per cent and the NSW at five per cent. Workforce participation, which monitors people that are employed or actively searching for work, increased 0.2% to 65.3%.

Data from the Australian Bureau of Statistics showed employment leapt 54,200, the biggest jump since October 2015 and far above the 15,000 increase forecast by economists.

On a seasonally-adjusted basis, the quarterly underemployment rate has eased from a record high of 8.9 per cent in February to 8.6 per cent in August.

The number of full-time jobs rose by 40,100, following a revised drop of 19,800 the month before.

"While I welcome the figures, with the closure of Holden just over one month away, now is not the time for complacency", he said.



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