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Blokes lead the way as WA jobless rate tumbles
18 May 2018, 01:17 | Sandy Nunez
Jobless rate ticks up to 5.6 per cent
The participation rate climbed to 65.6 percent, near levels seen in early 2011, as more women entered the labour force.
Figures from the Australian Bureau of Statistics show that the country's monthly unemployment rate has hovered at the 5.5% level since May past year. Softer growth has mainly been felt through full-time roles.
And with economic growth expected to pick up, he was reasonably confident that unemployment will resume a gradual downward trend, which will also lead to a pick-up in wages.
"The government might try and gloat today that they have reached a certain benchmark in jobs growth and yet. we are not seeing the so-called green shoots of wages growth as promised by the treasurer", Labor employment spokesman Brendan O'Connor said. It increased to 65.7% in April, beating the previous record established in December 2010. It has fallen just 0.2 percentage points over the past year and has even ticked a little higher since November.
High spare capacity in Australia's labour market is one reason for the subdued wage outcome.
"This will keep a lid on wages growth and price inflation, and will keep the RBA on the sidelines until at least the December quarter 2019".
Queensland's jobless rate is the equal worst in the nation, official figures reveal.
Over the past year, trend employment increased by 355,000 persons or 2.9 per cent, which was above the average year-on-year growth over the past 20 years (2.0 per cent).
One of the brighter spots, however, was in hours worked. The underutilisation rate, which includes the unemployed and those who want to work more hours, is close to 14 percent compared to 8 in the United States.
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Goldman Sachs, though, said even with a slowdown in demand and soaring USA output, global oil markets would remain tight. West Texas Intermediate (WTI) crude futures were up 57 cents at $72.06 a barrel, also their highest since November 2014.