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Where have all the jobs gone?

Over December and January Greater Perth joined Greater Adelaide in the unejobs employment nviable position of having  an unemployment rate which has breached 7 per cent.
Smoothing the unemployment rate figures as an annual average shows that of the main capital cities only Perth is in an unemployment rate uptrend as the heady days of the resources boom recede.
Nationally annual employment growth has picked up a little over the past three months, albeit not by very much, with a shade over +90,000 positions added on a net basis for employment growth of +0.8 per cent.
Capital city unemployment rates
Having been on a storming run in 2015, annual employment growth has slowed right up in Greater Sydney to +21,000, with only Greater Melbourne adding any meaningful figure to its workforce at +85,000.

 

YoY employment change
In aggregate, in fact, the rest of Australia has added no net new employment at all over the year to January 2017, which is a rather underwhelming statistic to say the least!

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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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