Kentucky Education and Workforce Development Cabinet releases April 2018 unemployment report
17 May, 2018, 17:30 | Author: Regina Silva
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.
Australian government bonds edged slightly lower on Thursday after employment index for the month of April hits the highest level since the polling began in March 1997, pushing the benchmark 10-year bond yield to a 3-month high.
That involved 14,000 extra jobs created - 8000 full-time and 6000 part-time - and a lot more people wanting to join the workforce - a rise in the participation rate to 65.7 per cent, the highest level since 1978.
The unemployment rate rose to 5.6 per cent in April, from 5.5 per cent in March.
Overall, 22,600 net new jobs were added in April, topping forecasts of 20,000 and a remarkable improvement on the unexpectedly weak results of February and March.
National Australia Bank markets chief economist Ivan Colhoun said the Reserve Bank of Australia would see the jobless data as an indication that spare capacity remains in the labour market, increasing the chances that it will keep interest rates on hold for longer than expected.
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"That means spare capacity in the labour market will remain an issue".
"We expect jobs growth to remain somewhat subdued for the rest of this year at least", Hunter added.
Annual job growth of 2.7 percent was more than one and half times the United States pace of job creation of 1.6 percent.
NSW was the strongest performing state, with a 27,100 more people employed, followed by Western Australia, up 8,300, and South Australia, improving 2,700.
Employers' organisation the Australian Industry Group has said there is a link between low wage growth and persistent unemployment and underemployment - the number of people without jobs and people who want more work than they can get.
"It is hard to see a meaningful pick up in wages given that employment growth is expected to be good for the remainder of 2018, but not spectacular", said Diana Mousina, senior economist at AMP.
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