MENU

ABS reveals 34,700 more jobs, unemployment rate rises to 5.5%

The Australian Bureau of Statistics revealed the job numbers today and they made for positive reading.

The number of jobs added in December was a seasonally-adjusted 34,700, which built on the 61,000 jobs added in November.

The number of jobs added in Australia is a key statistic for economists, businesses and the government. More jobs means GDP growth, economic stability for Australia, more people to spend on something and more taxes for the government.

In-fact, 2017 was the first year where the number of jobs increased every single month of the year.

The Prime Minister, Malcolm Turnbull, said “What a great jobs number today. This is the longest run, equal to the longest run of consecutive monthly job increases since 1978. [The] participation rate is at the highest level in seven years and we’ve seen already consumers’ confidence at the highest level since November 2013. So, jobs and growth, the slogan in 2016, a big outcome this year.”

The unemployment rate rose to 5.5% after being at 5.4% for the last three months due to an increase in the participation rate.

Economists at Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd (ASX: NAB) and Australia and New Zealand Banking Group (ASX: ANZ) will be watching these figures like hawks. Any uptick in unemployment could lead to people being late on their mortgage repayments. This month was positive.

Various businesses that rely on the strength of the Australian consumer will also be glad of today’s news. Woolworths Limited (ASX: WOW), Automotive Holdings Group Ltd (ASX: AHG), Flight Centre Travel Group Ltd (ASX: FLT) and many more ASX businesses rely on Aussie consumers being able and willing to open up their wallets.

Don’t Buy A SINGLE Stock Until You Read This

While conflict overseas is all media talking-heads seem to mention these days, the billionaire founder of Tesla is losing sleep over what he sees as a far bigger threat.

Elon Musk Warns: This has “vastly more risk than North Korea”

If you missed your opportunity to get in on Google, Microsoft, or Amazon in their early days, don't let it happen again. This emerging technology trend could offer a second chance for anyone who wishes they took part in these millionaire-maker stocks.

Click here to discover more!

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Automotive Holdings Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.