Higher Unemployment But More Jobs

Higher Unemployment But More Jobs

Australia's jobless rate rose to a nine-month high of 5.6 percent in April as more people looked for work, but the number of employed beat expectations as more full-time jobs were added.

South Africa's unemployment rate remained unchanged at 26.7% in the first quarter of 2018 compared to the fourth quarter of 2017, according to a quarterly labour force survey released by Statistics South Africa (Stats SA) on Thursday.The quarterly labour force survey reflects the growth in employment numbers across various sectors, Stats SA said.

One reason pay rates are moving sluggishly is that there are many more people wanting work, particularly full-time jobs, than positions available.

The Australian dollar has been boosted by the data, trading at 75.27 United States cents at 1200 AEST, up from 75.18 USA cents just prior to the release.

The unemployment rate increased by 0.1 pts to 5.6%.

"Australians need more secure jobs, but under the Turnbull government almost two million people are either underemployed or unemployed", ACTU secretary Sally McManus said.

BIS Oxford Economics head of macroeconomics Sarah Hunter said slower job creation was not a surprise.

"That means spare capacity in the labour market will remain an issue".

Employment conditions across Australia reached a record high last month in National Australia Bank's (NAB's) monthly business survey, amid overall above-average confidence among firms.

The March figure had prompted concerns about the state of the WA economy.

But Labor has been quick to douse any celebrations, pointing out the jobless rate is roughly the same as it was four and half years ago and that wages growth remains close to a two-decade low.

With labour supply expanding to meet demand, there is less upward pressure on wages and inflation and thus no near-term trigger for a rise in interest rates from the Reserve Bank of Australia (RBA).

The fall was driven by men with their unemployment rate falling to 6.6 per cent from 7.2 per cent.

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