The headline result was a huge +61,600 result in November - against median consensus of just +19K

Post is here with more: Australia Nov. Employment Change +61.6K (vs. expected +19K)

Responses coming in from around the place ...

Sean Callow at Westpac:

  • Another stunning Aussie jobs gain
  • Annual growth now 3.2%
  • This equates to US non-farm payrolls growing 4.6 million over the year or 386k per month
  • So maybe don't get too used to it..

Capital Economics:

Another month of extraordinarily strong growth in employment

  • leaves little doubt about the current health of the labour market
  • the composition of jobs growth was very encouraging
  • of the 383,300 jobs created in the past year, 80 % have been full-time
  • such elevated rates of jobs growth are unlikely to be sustained
  • most leading labour market indicators suggest growth will remain decent in the coming months

It has been a stellar year for the labour market, which should provide some support to income growth

  • however, the outlook for wage growth is still fairly subdued
  • there has been a decent reduction in slack in the labour market
  • Even so, the underutilisation rate is still comfortably above its post crisis average of around 13.0%, so there is still a long way to go.
  • As a result, we expect wage growth will only rise from 2.0% to around 2.5% by the end of 2019. That would be well below the pre-crisis average of 3.5%, and is a key reason we expect inflation to remain low for longer than the RBA currently expects.