Australia’s new jobs hiring has increased
Australia added 41,400 new jobs in the month of July, which is three times more than the number was forecasted in July. The workforce participation rate has also increased to 66.1%. The increased need for hiring has become possible because of the growth in employment options.
The Liberal Party was re-elected in May this year and the labor market reflects its outcome. As per an Economist working with Indeed (Jobsite), the employment growth in Australia should have cut down the unemployment rate in the last two years. However, the growth in population and rising workforce has created more pressure on employment growth.
The rate of underutilization and underemployment are 13.6% and 8.4% respectively. As per a report in Live Mint, these rates indicate that there might be an increase in the wage rate maybe anytime soon. Queensland, New South Wales, and Victoria saw new jobs created in Australia.
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