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Thursday, 26 July 2018

Sydney unemployment rate down, down, down

Sydney jobs boom continues

Sydney's unemployment rate fell again to just 4.086 per cent in June 2018.

The annual average unemployment rate for the harbour city is now well under 4½ per cent. 

Full employment for Sydney, then, which is great to see, with more than 100,000 new jobs added across the city in the 2018 financial year.

Wow!

The most improved city from an annual average unemployment rate is Greater Adelaide, now at under 6 per cent, well down from an alarming level at 7½ per cent a couple of years ago.


The glacial improvement in the annual average number of unemployed persons across Australia continued in FY2018 at 722,300, steadily easing down from 763,100 at the peak in FY2015.


The median duration of job search continues its year-on-year improvement, with the better numbers driven largely by the second-tier cities of Brisbane, Perth, and Adelaide. 


Summarily, pretty good employment growth and low inflation, for the time being.

There has been some talk of normalising interest rates, but overall unemployment rates outside Sydney remain about 1½ per cent,higher than they might be, so personally I'm not an advocate of the idea.