Australia sees record job creation in September

Australia, 9th October: Employment in Australia has touched a new high level in the month of September, pushing up the national currency of Australia and mounting pressure to increase interest rate the coming month, the latest official figures have revealed.

The number of people having jobs in Australia has gone significantly up in September with the addition of nearly 52,900 new workers in the Australian workforce. So, this has increased the number of people having jobs in Australia or those looking for jobs to 65.6 percent from 65.4 percent in the month of August this year.

The figures of those having full-time jobs in Australia went up by 55,800 while the number of people having part-time jobs declined by around 6,300. And the rate of joblessness in Australia remained at 5.1 percent.

The total number of people with full-time jobs in Australia has gone up to 7.984 million this September while number of those with part-time employment has gone down to 3.340 million.

The Australian dollar reached a new high from 97.65 US cents to 98.35 US cents.

Positive reaction was exhibited by the share market as the increase in the ASX 200 went up by three points to reach 4,689 while All Ordinaries went up by six points to reach 4,743. 

The positive job scenario in Australia calls for celebrations, stated Chris Evans, the Australian Employment Minister who added that more and more people were joining the workforce in Australia as the employers converted part-time jobs into full-time jobs in Australia.

Recovery in Australian economy is ‘jobs rich’ and is likely to remain so, feel Westpac analysts.
Job ads in Australia went up by 32 percent over the previous year bringing the much desired momentum in the Australian labor market.

Meanwhile, it is being feared by several analysts in Australia that any further decline in the rate of unemployment in Australia is likely to build pressures of inflation just like in the past.

Nonetheless, the economists maintained that the job market in Australia has outperformed better than other nations like Canada, Europe and the US all of which are seeing an unemployment rate of around 10 percent.

And if Australia wants to keep its inflation and wage pressures in check, then it should focus on increasing immigration to meet the increased demand for labor in the country, asserts Craig James, chief economist of CommSec.