Allegedly, there have been widespread fears and apprehensions related to the slowing economy in Australia; however, as per some observes on the issue, the basic strength & resilience denotes the outlook for jobs and development is still there.
The most recent numbers from the Australian Bureau of Statistics (ABS) illustrate that the seasonally adjusted rate of unemployment decreased by 0.1% to 5.7% in March 2016, and seasonally adjusted employment surpassed median market prospects, heading north by 26,100 to a historic high of 11,909,600, and is up 2% over the year.
While the figure of jobless decreased by 7,300 in March to 723,100, it is presently 42,900 or 5.6% lower than a year ago even as the manpower involvement rate was rather stable at 64.9%.
Meanwhile, throwing more light on the subject, Michaelia Cash, the in-office Minister for Employment, has reportedly stated that the re-balancing of growth away from the mining business and towards the labour intensive services field is set to carry on, in spite of the headwinds from slower development in the People’s Republic of China & financial market turmoil.
She indicated that even as the ABS manpower numbers can be pretty unpredictable, and vary from one month to another, the latest statistics continue to reveal a flexible Australian labour market, and emphasize the requirement to carry on with the Coalition’s plan to reinforce the economy and kindle more jobs growth.
Cash also illustrated that compared with this time last year; every major labour force indicator is trending in the proper course. Whether one mulls over the rate of job loss, youth joblessness, the rate of participation, the figure of the nationals hired, the figure of underemployed or aggregate hours worked, each & every indicator is fairly encouraging, vis-à-vis 12 months ago.
However, she also issued the warning that major economic hurdles still lie in front. The administration is getting on with the job of generating the right policy structure that will make possible stronger jobs growth, so that every national can make the most of the emerging job possibilities of tomorrow.
In a related development, another concerned person reportedly elucidated that the trend employment to population ratio continued to be at 61.3% which shows a rise over the year from 60.7% while over the comparable time the rate of unemployment headed south to 5.8% from 6.2%.
Over the previous month, trend employment headed north by 11,400 people to 11,903,100 people, which compared to a monthly growth rate of 0.10%, even while this monthly growth rate was less than the monthly average over the previous two decades, which is 0.15% and down from the rate of 0.26% registered in September 2015.
The numbers also reportedly demonstrate that the Australian economy developed by 0.6% in the last quarter of 2015. Several businesses witnessed noteworthy growth.