Justin Smirk, analyst at Westpac, points out that Australian employment is holding a solid pace into year-end with a robust 37.0k gain in November which was stronger than both consensus and Westpac’s forecast for 20k.
Key Quotes
“In the year, total employment lifted 286.0k or 2.3% but the recent pulse in employment has boosted the six month annualised pace to 2.9%yr.”
“More surprising was the jump in unemployment to 5.1% from 5.0% (market median was for 5.0%) due to a 0.2ppt lift in participation to 65.7% (65.69% at two decimal places) which drove a solid 49.5k gain in the labour force.”
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