Jobs data comes in hot!

14½ million employed

Jobs vacancies figures have held up well of late according to government data, and this translated to a +64,100 increase in employment in September 2024, seasonally adjusted.

Most of the employment gains were full-time, and there are now more than 14½ million employed Aussies for the first time. 

There was an odd blip around February/March - possibly a seasonality issue - but we've now had 6 solid jobs reports in a row.

Over the year, employment growth actually accelerated to +434,900 or +3.1 per cent. 

The participation rate is at a record high of 67.2 per cent, and the trend unemployment rate has remained steady at 4.1 per cent for the past 4 months.

Anecdotally there are working holidaymakers and backpackers everywhere in recent weeks - far more than a year ago - but this hasn't even made a dent in the underemployment statistics yet.

As always there were weaker components to the data - hours worked haven't kept pace for employment growth over the past 18 months, for example. 

But still, things are holding together well here, and now all of the focus will be turned onto the inflation figures due out later this month.  

It's notable that Australia's jobs market is holding up far, far better than that of New Zealand, or Canada, possibly due to more government spending and public sector hiring.

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