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.