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Jobs market tightens as unemployment falls

Jobs market tightens as unemployment falls”

August's rate was revised down to 5.5% from the previously reported rate of 5.6%.

Unemployment fell to 5.5 per cent in September, from 5.6 percent, with the economy adding almost 20,000 jobs, according to Australian Bureau of Statistics data released on Thursday.

Another positive indicator of a healthy economy was that the fall in unemployment had more to do with job creation than an increased participation rate (which has seen people delay their retirement).

"We do think there has probably been a little bit of overshoot in the official numbers lately, so we expect some moderation in employment growth over coming months". The rate in the Seattle-Bellevue-Everett area increased slightly to 3.8 percent in September from 3.7 percent in August.

"The trend unemployment rate had been hovering in the range of 5.6 to 5.8 per cent for nearly two years, but has now dropped to a four year low of 5.5 per cent", ABS chief economist, Bruce Hockman, said.

Australian Institute of Company Directors chief economist Stephen Walters said that the improving annual rate of jobs growth is increasing the likelihood of a 2018 interest rate rise.

"The main takeaway is that the improvement in the labour market has been sustained now for the best part of a year, so this is no flash-in-the-pan", Mr Walters said.

Trend estimates point to a 23,800 increase in the number of employed Australians, two-thirds of which was people finding full-time work.

The latest figures from the ABS show 21,100 new jobs were added in September, about 2.5 times more than Victoria, the next closest state.

The employment minister, Michaelia Cash, welcomed the employment figures, saying they proved the Coalition's policies were pro-growth.

"Since the government came to office in September 2013, 825,500 jobs have been created - an average of over 200,000 new jobs each year", she said. "While ABS labour force figures can jump around from month to month, this is the 12th consecutive month where there has been an increase in jobs". "Youth unemployment in NSW also remains the nation's lowest".

"The federal government's NDIS is forecast to add a total of 160,000 full-time equivalent jobs to the workforce over the next few years".



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