Surprising Job Strength

Employment data released today by the ABS points to unexpected job growth by the Australian economy.

It seems that most economists were predicting an increase in unemployment, when in fact the number fell from 6.1% to 5.8%.

Taking a closer look at the State by State numbers (see below), it is good news except for SA and VIC. On the other hand, WA and NSW had great months.



The surprising employment numbers caused a rally in the AUD, and maybe, just maybe, casts some doubt that the next movement in the RBA cash rate is up rather than down.

Of course, one sunny day doesn’t make a summer, so it will be important to keep an eye on what happens in the months ahead. Still, the good jobs numbers point to housing price stability.

What say you?

– Steve

By Steve McKnight

Steve McKnight, the founder of PropertyInvesting.com, is a respected property investing authority as well as Australia's #1 best-selling business author.