Australia: Expect a 25k rise in employment numbers for September - Westpac

Analysts at Westpac suggest that they are forecasting a 25k rise in Australian employment numbers in September, which will lift the annual rate to 3.1%yr from 2.7%yr.

Key Quotes

“Australia’s total employment rose 54.2k in August compared the market’s for +20k. Full-time employment bounced 54.2k following a –19.9k correction in Jul. In the year fulltime employment has gained 251.2k/3.0%yr. Part-time employment rose 14.1k following a 49.1k bounce in Jul. In the year to Aug, part-time employment lifted 74.5k/2.0%yr.” 

“By state, NSW, Vic and Qld were driving the strength with total employment gaining 12.9k, 18.6k and 16.7k respectively.”

“The leading indicator including our preferred Jobs Index all point to ongoing robust demand for labour. We are also looking for annual growth in employment to overshoot the Index through late 2017 and into early 2018 as it rebounds from an undershoot during late 2016 early 2017.”