Australia: Unemployment rate to hold flat at 5.5% - Westpac
In the month Australian unemployment rose to 5.5% (5.55% at two decimal places vs. 5.41% in November) with a 0.2ppt gain in participation driving a further 55.16k surge in the labour force, notes the research team at Westpac.
Key Quotes
“This surge in participation has been driven mostly by the incredible jump in females to a new high of 60.6%.”
“Female employment lifted on the back of strong growth in the services sectors. Of the top five sectors for employment in 2017, four have a higher than average share of female employees. And this robust demand for labour has drawn more females into the workforce and/or encouraged others to extend their working life. That is as demand for female labour has risen, so too has supply.”
“We do see a small pullback in participation, from 65.7% to 65.6%, which moderates the January gain in the labour force. Thus the +15k on employment will see the unemployment rate hold flat at 5.5%.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
