Are you jobless now and deperately need one to bring food to the table? Look no further but the “Land of Kangaroos” – Australia. It’s a paradise with tons of jobs, if the country’s latest employment statistics is any indicator. When economists and analysts were estimating between 15,000 to 20,000 increase of jobs in August, Australian employers added a record number of a whopping 121,000 new jobs.
Hence, the jobless rate fell to 6.1% from a 12-year-high of 6.4%. Australian Bureau of Statistics revealed that the “unbelievable” jump between July and August was due to increase of 14,300 to 8.1 million full-time jobs; while part-time surged by 106,700 jobs. The number of unemployed shrank by 34,000 to 755,100. South Australia registered the biggest fall where the unemployment dropped from 7.2% to 5.9%.
Here’s a summary of how jobs were created – job gains were strongest in Australia’s eastern seaboard states, rising by 45,300 in New South Wales, the most populous, 26,500 in the northeastern state of Queensland and 26,100 in the traditional manufacturing hub of Victoria.
Previously in the month between June and July, Queensland suffered the biggest loss of jobs, with unemployment in the northeastern state jumping from 6.2% to 6.8%. New South Wales unemployment rose from 5.7% to 5.9%. Victorian unemployment lifted 0.4 percentage points to 7%, Tasmania jumped from 7.3% to 7.6% and Western Australia’s jobless rate inched higher to 5.2%.
The last time the economy exhibited six-digit monthly employment growth was in August 1991, as the economy showed signs of emerging from recession, generating 102,000 jobs. As a comparison Australia’s employment increase in August is equivalent to a rise of about 1.3 million in U.S. payrolls. What this means is Reserve Bank of Australia will not cut its interest rate, which is already at record low 2.5%.
Interestingly, not everyone believes the latest rosy figures released by the Australian authorities. And it’s not hard to understand why. Just a month earlier, the country’s unemployment rate had surged to a 12-year high of 6.4%. And suddenly out of the blue – KaBoom – a whopping 106,700 new jobs appear? Many actually questions about the methodology the Australian Bureau of Statistics uses to compile their data.
It would be more believable if the data shows an increase of 41,000 but a staggering 505% or five times more than the estimation figures sound very fishy, no? Nevertheless, it brings cheers to the local currency – the Australian dollar traded at 91.86 U.S. cents in Sydney, from 91.57 cents before the data was released.
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