Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 23 July 2016

Sydney unemployment rate 4.2 per cent

Jobs growth

The ABS Detailed Labour Force figures for June recorded total employment in original terms of 11.965 million, a solid increase from one year ago of +228,200.

While the participation rate was unchanged from one year ago, the employment to population ratio has improved to 61.2 per cent from 61 per cent in June 2015.

Melbourne leads employment growth

In a recent change, Greater Melbourne (+78,300) has now edged out Sydney (+61,400) in terms of annual employment growth. 

And after years of stagnation there was even a flicker of life in regional Victoria (+22,700), with employment gains in Geelong (+23,100) and Bendigo (+7,200) over the past year.

Elsewhere, only Greater Brisbane (+23,800) recorded annual jobs growth of any real note, with regional Queensland shedding a miserable -16,700 jobs in aggregate.  

Employment growth has also been muted in Adelaide and Perth,

Piecing it together, the figures help to explain the recent trend of interstate migration to Melbourne - where a great many jobs have been created - from cities such as Adelaide and Perth, where employment opportunities have been less plentiful.

Unemployment rates

Sydney's unemployment rate declined to just 4.2 per cent in June, while the unemployment rate for Greater Brisbane of just 4.9 per cent was the best result for the Queensland capital in years.  

At the other end of the spectrum, Greater Adelaide is still tracking at 7 per cent.

The monthly data is volatile and not very reliable, so below the figures have been plotted on a rolling annual basis. 

Melbourne and Brisbane jointly win the "most improved" award, but Greater Sydney's infrastructure boom keeps the harbour city's economy at the top of the pile.