More New Jobs Reduce Unemployment Rate in Australia

People waiting in line for job interviewThe unemployment rate in Australia fell to 5.6 per cent in July, as jobs rose by 27,900 from the previous month, according to the Australian Bureau of Statistics (ABS).

The increase in jobs means an increased need for screening applicants. Fortunately for employers, the process has become easier as it can be as simple as completing a criminal record check online application form.

Rising Trend

ABS chief economist Bruce Hockman said that full-time jobs increased for the 10th consecutive month in July, owing to more stable trend figures despite an adjusted jobless rate of 5.7 per cent in June. The revised figure occurred due to the loss of 20,300 full-time positions, amid employers only offering part-time roles during that time.

Since September 2016, full-time jobs nationwide have grown by an estimated 220,000 workers, according to Hockman. That figure represented the majority of 250,000 workers over the period. However, salary growth seemed to be at a standstill despite the positive trend in job creation.

Stagnant Salaries

Average weekly wages in mid-August only increased 1.6 per cent, which is significantly below the rate of inflation at 1.9 per cent, according to the ABS. For the second quarter of 2017, salaries increased just 1.9 per cent over the last 12 months.

By region, Tasmania created the most number of new full-time jobs over the past year with a 4 per cent increase in employment. Victoria and Queensland trailed behind with 3.1 per cent and 2.7 per cent increases in jobs, respectively. In terms of new full-time jobs created each month between January and June, New South Wales surged ahead among the five biggest states in the country.

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Conclusion

An increase in jobs indicated an improving confidence in the employment market in July. On the other hand, employers should now start screening candidates since more people are expected to apply for vacant positions.

Post Author: Admin