Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.
"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.
"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.
"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.
Friday, 21 April 2017
Melbourne creating the jobs
Labour market set to tighten
Any number of indicators have pointed to an improving labour market, from jobs vacancies, to NAB's business surveys, to the Roy Morgan measure of unemployment.
The ABS survey went some of the way to bridging this gap in March, recording year-on-year employment growth of 146,000 or about 1.23 per cent.
The minor glitch in last month's detailed figures was fixed, leading to a total labour force of 12.069 million in original terms.
Is this another sign of an improving labour market?
Let's hope so.
Employment growth has begin to pick up again in Sydney after the boom of 2015, with the harbour city adding 33,000 jobs over the past year.
Melbourne remains the king of employment growth, however, adding 75,000 jobs over the year on a net basis, while regional Victoria added net new employment of 21,000.
Over the year to March, Greater Sydney had an average unemployment rate of just 4.86 per cent.
At the other end of the spectrum the unemployment rate in Adelaide averaged 7 per cent.
Hobart's economy is improving, with the unemployment rate now set to go into an impressive downtrend.
In Perth the labour market and unemployment rate have been deteriorating since January 2013, and this still continues.
It was comparatively easy to find full time work in Australia before the financial crisis.
In the financial services sector a skills shortage meant it was possible to have multiple job offers on the table for prospective employees to choose from.
Today, on average, it is not so easy to find gainful employment, although job search conditions have been nowhere near as bad as they were following the last recession.
At the city level it is becoming easier to find work in Hobart, which has the most improved labour market in the country right now.
The March labour force figures were strong, although in absolute terms the new employment has been heavily weighted towards Melbourne and Sydney.