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.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.