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