Tighter Lending Impacts Apartment Construction
Green Living Moves into the Mainstream
Aged-Care Developments Reaching New Heights
Smart Cranes are Transforming the Jobsite
The Shaping of Australia's Future Cities Through Urban Renewal
The True Spirit of the Gold Coast
Timber Software Helping Aussie Builders Branch Out
To Ban or Not to Ban: Grappling with Composite Cladding Rules
By Australian associated Press
September 19, 2017
New data released by the Australian Bureau of Statistics showed that the national economy added more jobs than expected in August, with 54,200 new jobs added to the national total.
It is the most substantial increase in nearly two years.
Queensland and South Australia recorded the largest drops in unemployment both falling from a 6.2 percent seasonally adjusted unemployment rate to 5.7 percent.
However, the overall uptick in labour force numbers has kept the national unemployment rate unchanged at 5.6 per cent and is likely to keep wages growth flat and limit the Reserve Bank's ability to move on rates, economists said.
Economists said the quarterly ABS data, also due out this month, is likely to show strength in a number of key industries such as construction, professional services, and health.
While employment is now increasing at an annual rate of 2.7 per cent, the participation rate, or the number of people either employed or actively looking for work, also ticked up 0.2 percentage points to 65.3 per cent - the highest level since September, 2012.
That increased labour supply is expected to weigh on wages and inflation growth.
"Despite the solid jobs growth, we think that we are still some way from labour market slack being eroded sufficiently to put genuine upward pressure on wages," CBA senior economist Gareth Aird said.
Australia's jobs market has seen an acceleration in full-time job creation over the past six months but wages growth has remained weak, raising concerns about an impact on consumer spending.
Economists expect wages growth will eventually accelerate as a result of continued strength in employment.
Deloitte Access Economics economist Chris Richardson described it as "good news story".
"Our wage growth will eventually pick up as well," he told AAP.
AAP DISCLAIMER AND COPYRIGHT NOTICE
AAP content is owned by or licensed to Australian Associated Press Pty Limited and is copyright protected. AAP content is published on an “as is” basis for personal use only and must not be copied, republished, rewritten, resold or redistributed, whether by caching, framing or similar means, without AAP’s prior written permission. AAP and its licensors are not liable for any loss, through negligence or otherwise, resulting from errors or omissions in or reliance on AAP content. The globe symbol and “AAP” are registered trade marks.
What's Killing Your Knowledge Retention?
The widest used rating system for green building is Leadership in Energy and Environmental Design (LEED), developed by the U.S. Green Building Council (USGBC). It’s no surprise, then, that major U.... Read More
July 1, 2018
Hear Brad Hyatt, Associate Professor at California State University Fresno, discuss what students are learning in school to prepare them for const... Read More
Budget. Schedule. Quality. The trifecta of a project. But balancing that trifecta isn't easy to do. Our webinar, led by construction industry exper... Read More
Building in the "Big Easy" sometimes isn't. The challenges faced by Landis Construction aren't often understood by out-of-towners, because when it'... Read More
The acquisition and maintenance of heavy machinery is a major expense for any size company, so it stands to reason that equipment is worth taking s... Read More
Estimating mistakes cost contractors plenty. And, with the demand from customers for estimates on-the-fly, the chances of missing the mark increase... Read More
In all big construction projects, time is money, and few projects drag along as painfully slow as high-rise buildings. A new method of construction... Read More
June 25, 2018