Australian Jobs Soar

 
 
January 11th, 2007 • Related • Filed Under
  • Australia’s economy added 44,600 jobs in December, 17,700 of which were full-time jobs and 26,900 part-time.
  • 57,400 full-jobs were created in November, while 21,200 part-time jobs were lost in that month.
    December rounds off a strong year for the Australian economy. 302,000 new jobs were created – the most for 17 years according to the Australian Bureau of Statistics.
  • Despite strong inflows of migrants during the year, the Australian economy still requires more skilled workers than are available.
  • Many sectors, including engineering, trades and the construction industries are experiencing shortages.
  • Australia’s economy now has 10.3 million workers, compared with 8.4 million 10 years ago.
  • In those same 10 years, the unemployment rate has fallen from 8.6 percent to 4.6 percent today.
  • The strong employment figures may push the Australian Reserve Bank into a more hawkish position on interest rates. The Bank raised interest rates during 2006 to keep a cap on inflation. It looks like further interest rate rises cannot be ruled out in 2007.
 

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