Jobs, jobs, jobs!

[Timmy]

Again, big number of jobs created in Australia. January data released:

From: http://www.theaustralian.com.au/bus...0-abs-data-shows/story-e6frg926-1225829141465

THE Australian unemployment rate fell to 5.3 per cent in January, nearly a one-year low, as employers hired nearly 16,000 full-time workers.

The better-than-expected employment figures showed Australian employers created a total of 52,700 jobs, seasonally adjusted - 15,900 full-time jobs and 36,900 part-time jobs.

ABS source:
http://www.abs.gov.au/AUSSTATS/abs@.nsf/mf/6202.0

 

[Wysiwyg]

Be interesting to know how many jobs the Gorgon Gas Project accounted for or particularly West Aussie all up.

 

[Timmy]

Be interesting to know how many jobs the Gorgon Gas Project accounted for or particularly West Aussie all up.

I think data detailing state-by-state results are released one week following the release of the summary (today's figures). Not for specific projects, though.

 

[nunthewiser]

Knows they been re-hiring up on the mines out these parts( midwest WA).But on a different level this time ..... used the GFC to clear out all the deadwood and just hiring back the cream now ... It is having a flow on effect to all industrys supplying and serviceing the mines also.

 

[Wysiwyg]

I think data detailing state-by-state results are released one week following the release of the summary (today's figures). Not for specific projects, though.

Thanks NTW, hope we see some follow through there.

Tim, most likely later because the ABS has W.A. Jan. 2010 figures at 5.0% from a peak in Jul., Aug., Sept. 2009 of 5.4%.

Better than every state and second to both territories. Definitely trending down.

 

[Smurf1976]

I think data detailing state-by-state results are released one week following the release of the summary (today's figures). Not for specific projects, though.

The data must be available from somewhere. Just read that it's 5.4% in trend terms and 5.2% seasonally adjusted for Tasmania.

 

[Timmy]

The data must be available from somewhere. Just read that it's 5.4% in trend terms and 5.2% seasonally adjusted for Tasmania.

I think a paid subscription for this data is required to get it on the day.

 

[Timmy]

Slowdown in jobs growth, from the ABS today:
http://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0

Employment increased 400 to 10,971,100. Full-time employment increased 11,400 to 7,659,700 and part-time employment decreased 11,000 to 3,311,400.

Also, a recent article with a look at the figures more in-depth:
Low unemployment, high underemployment
Data set for the article is Sep. 2009, but I think it is still relevant.

 

[Go Nuke]

Pay, Pay, Pay......Tyco give us a payrise after a 2yr freeze due to the GFC you bastards!

I'll help do my bit for the job market soon when I and others pull the pin.

(Nothing like a bit of public humiliation for a global conglomerate) :bbat:

My partners work has just moved all their admin and accounting jobs off to China......useless bunch they are! Customer service is going out the window.

 

[Timmy]

Labour data released by the ABS today. This thread hasn't been updated with the Australian job growth figs in a while (since the release with the March 2010 figs), and no comments since then either.
Employment increase of more than 100,000 over the last 3 months.
Guess that good news doesn't attract interest like bad news does. Funny that.

Anyways, latest data release here:
http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6202.0Main+Features1Jun 2010?OpenDocument
Summary:
Employment increased 45,900 (0.4%) to 11,100,700. Full-time employment increased 18,400 to 7,794,700 and part-time employment increased 27,500 to 3,306,000.

April figs here:
http://www.abs.gov.au/AUSSTATS/abs@...A22DCA9B3EE9F917CA25773D001842EC?opendocument
Summary:
Employment increased 33,700 (0.3%) to 11,025,500. Full-time employment increased 37,500 to 7,735,500 and part-time employment decreased 3,900 to 3,290,000.

May figs here:
http://www.abs.gov.au/AUSSTATS/abs@...BAEE975B131AD2CACA25775900180C64?opendocument
Summary:
Employment increased 26,900 (0.2%) to 11,056,700. Full-time employment increased 36,400 to 7,779,700 and part-time employment decreased 9,400 to 3,277,000.

Some media reports:
Surprise surge in jobs
http://www.smh.com.au/business/surprise-surge-in-jobs-20100708-101da.html?rand=1278555958525

Jobs surge thrashes forecasts
http://www.theaustralian.com.au/bus...-to-18-month-low/story-e6frg926-1225889352210

Sorry for the good news. I'll shut up now.

 

[Bushman]

Full employment = wage pressure = inflationary pressures = higher interest rates.

But great news from a 'double dip' perspective.

 

[sinner]

Full employment = wage pressure = inflationary pressures = higher interest rates.

But great news from a 'double dip' perspective.

Yes. Finally someone else who sees the rock and hard place we as a country are between.

If everything is fine: then prepare for a return to mortgage stress. We can go back to having an overheated economy very quickly in the right circumstances.
If everything is not fine: well...this one pretty much writes itself.

 

[Timmy]

Yes. Finally someone else who sees the rock and hard place we as a country are between.

Finally someone else?
You are kidding, right?
The inflation/unemployment relationship is introduced in 1st year economics.

 

[Timmy]

Full employment = wage pressure = inflationary pressures = higher interest rates.

You think Australia has full employment?

 

[Bushman]

You think Australia has full employment?

Near enough - pressure on wages is exacerbated by the skills shortage.

It is a good problem to have, rather full(ish) employment than the 10% faced in US.

My main concern is the impact higher inflation has on indebted households (and therefore house prices) and consumption. It is a hot spot in our consumption-based economy over here in the eastern seaboard mexican states. Lol.

 

[MR.]

The International Monetary Fund (IMF) released today, expects the Australian economy to grow at a solid clip this year and next. It predicts growth of 3.0 per cent in 2010, accelerating to 3.5 per cent in 2011.

ie: Jobs, jobs and more jobs.

 

[sinner]

Finally someone else?
You are kidding, right?
The inflation/unemployment relationship is introduced in 1st year economics.

Of course, but not many seem to want to admit that Australia is in such a bind. In fact there seems to be an amnesia about the complaints regarding an overheating economy right before the Lehman Bros collapse.

But you can check, just type "mortgage stress" into Google Trends and see the result:
http://www.google.com/trends?q=mortgage+stress

You can see there was very high news reference and demand for information regarding mortgage stress, almost entirely from Australia, especially in the runup to the collapse.

 

[Timmy]

Near enough - pressure on wages is exacerbated by the skills shortage.

It is a good problem to have, rather full(ish) employment than the 10% faced in US.

It is looking that way, wonder if we see some extra participation coming in?

The International Monetary Fund (IMF) released today, expects the Australian economy to grow at a solid clip this year and next. It predicts growth of 3.0 per cent in 2010, accelerating to 3.5 per cent in 2011.

ie: Jobs, jobs and more jobs.

I missed this, thanks MR. On a wider (global) view, the report runs counter to the double-dip meme currently dominating.

Good stuff tks bushman, MR and sinner.

 

[Timmy]

Despite great employment growth, the recent OECD Employment Outlook (only recently released) has highlighted some areas of concern.
Don't know about others here, but I reckon these are really serious issues, not just from an economic perspective, but a social perspective.

"Good jobs figures" hide underemployment and its consequences.
(Article touches on skilled migration vs. training Australians already here, our reliance on foreign capital b/c of poor saving rates, & more).
http://www.theage.com.au/opinion/catch-and-skill-our-own-20100712-107y4.html

For while Australia is importing hundreds of thousands of workers every year, Governments, both Liberal and Labor, have remained silent on the insidious slow growth of men dropping out of the workforce in the prime of their lives.

Broadly speaking, over the past 10 years, employment rates have risen for older workers, but fallen for men of prime working age. But do you ever hear any minister talk about it? The Treasury? The Reserve Bank? The Productivity Commission? Why is no one in government asking why so many people in the prime of their working life are dropping out of the workforce - and what we should do about it?

But that's not the only weakness in Australia's labour market. The OECD says that while Australia's unemployment rate last year was the eighth lowest among its 30 members (not the lowest, as ministers sometimes claim), ''overall slack in the labour market is actually higher than the OECD average''.

and
OECD raises doubts on job market health (shorter of the two articles)
http://www.smh.com.au/small-busines...ubts-on-job-market-health-20100713-108cx.html

■ Australia has ''a large pool of under-employed workers'', who want to work full-time but can find only part-time jobs.
■ Australia's overall employment rates are worse than the unemployment figures suggest, because 25 per cent of those with jobs are working part-time, and 21 per cent of people of prime working age (25 to 54) have no job at all.

But the OECD's main focus is on Australia's very high rate of part-time employment, the third highest in the OECD.

''Despite having a lower than average unemployment rate, overall slack in the labour market is actually higher than the OECD average,'' the report says. ''This includes a large pool of underemployed workers … as well as many people who have given up looking for work.''

 

[MR.]

http://www.smh.com.au/business/banks-housing-bias-bad-for-economy-nab-banker-20100715-10bwt.html

Joseph Healy, business banking head of National Australia Bank.......
Mr Healy delivered a speech on business lending to the American Chamber of Commerce in Sydney this afternoon..........

In 2000, every $1000 of home lending was matched by roughly the same amount for business. That ratio has since shifted so that today, for every $1000 of home lending, only about $600 is available for business, according to NAB research........

Mr Healy's comments come as analysts speculate that Australia's major banks may be squeezed in coming months by rising off-shore funding costs........

If only $600- is available for business from $1000- in just 10 years, you'd have to wonder what bearing it's going to have on jobs, if not now, then in the future.