Jobs growth stalls, wage growth caput

Via the ABS.

In the week ending 13 April 2024, payroll jobs:

decreased by 0.6% in the month since 16 March 2024
increased by 2.3% in the year since 15 April 2023

Jobs growth in the major states has been demolished:

Illustrating happiness for the RBA:

“New migrants add to demand and there’s been that element of it. They are certainly adding to pressure on the housing market. We know that. But on the other hand, they’ve added to labour supply”.

The decline in payroll jobs is corroborated by SEEK showing sagging job ads in the major states:

And the end of wage growth to go with it:

Bidding living standards adieu:

Your friend Labor is doing its thing for blood-sucking corporations.

Share

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.