Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional), 5 x finance author.

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Friday, 26 January 2018

Sydney unemployment rate lowest since 2008

Sydney on fire

The ABS released its Detailed Labour Force figures for the month of December 2017.

Greater Sydney created a massive +101,000 extra jobs in 2017.

That took total employment in Sydney to a record high 2,714,700. 

And with job vacancies across the state soaring to their highest ever level, that's set to continue in 2018.

The annual average unemployment rate for Sydney fell to just 4.6 per cent.

That's the lowest level since December 2008. 


In fact, things generally improved around the traps in 2017.

The improvement in the southern states has also been marked, with Adelaide's unemployment rate falling quite sharply now, and Hobart recording an annual average unemployment rate of just 5.6 per cent in 2017. 

What else was news last year?

Elsewhere, it was a big year for employment growth in Queensland, with the mining sector turning around after a prolonged slump. 


Employment growth was experienced both in Brisbane and in many of the state's regional markets.

In the bellwether resources regions things have been looking up too.

Townsville's annual average unemployment rate declined from 11.6 per cent in early 2017 to 8.5 per cent by the end of the year. 

Employment in Townsville remains well below 2010 levels, but is now trending up again.

More of the same in 2018 would be nice.