Australia Added 26,900 Jobs in May


Australian employers added workers in May for a third straight month, underscoring the central bank’s assessment that economic growth will accelerate this year as a mining investment boom stokes hiring.

The number of people employed gained 26,900 from April, the statistics bureau said in Sydney. The jobless rate fell to 5.2 percent from 5.4 percent.

Australia’s currency rose as investors increased bets on when Governor Glenn Stevens may resume the Group of 20’s most aggressive round of monetary policy tightening. A rebound in demand from China for resources is spurring hiring at companies including Chevron Corp. as it expands energy projects in Western Australia, keeping the nation’s jobless rate at almost half the level of the U.S. and Europe.

Some 283,600 jobs have been created since August, when the jobless rate was 5.8 percent. The number of full-time jobs gained 36,400 in May and part-time employment decreased 9,400, today’s report showed.

Robust demand for workers may prompt Stevens to resume increasing borrowing costs later this year to prevent wage pressures from stoking inflation. The governor kept the benchmark lending rate at 4.5 percent last week, saying monetary policy is appropriate for the near term.”

Employment rose 1.1 percent in Western Australia, pushing the jobless rate down to 4.1 percent from 4.6 percent, and payrolls gained 0.7 percent in Queensland, today’s report showed. New South Wales posted a 0.1 percent decline in employment.

Australian job advertisements in newspapers and the internet climbed 4.3 percent in May, rebounding from the first drop in three months, a report by Australia & New Zealand Banking Group Ltd. showed June 7.


TradingEconomics.com, Bloomberg
6/10/2010 10:04:26 AM