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Sydney economy back into pole position

Sydney jobs surge 

sydney

Sydney displaced Melbourne as the economy creating the most jobs over the year to July 2017, at more than +71,000.

Melbourne created +58,200 new jobs on a net basis, with Brisbane at a more moderate +19,000.

Sydney’s annual average unemployment rate continues to trend down, with the monthly unemployment rate in the harbour city well below 4.5 per cent in July.

Capital City Unemployment

Despite this there have been few signs of stronger wages growth in New South Wales to date, with annual wage price rising only by about +2 per cent across the state.

The below chart hints at a possible reason why – a pullback in the participation rate.

Greater Sydney Labour

But stronger wages do look set to return with jobs being created at this pace.

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About

Pete Wargent is a Chartered Accountant, Chartered Secretary and has a Financial Planning Diploma. He’s achieved financial freedom at the age of 33 - as detailed in his book ‘Get a Financial Grip – A Simple Plan for Financial Freedom’. Pete now manages his investment portfolio, travels and works as a consultant in the finance industry from time to time. Visit his blog


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