Australia Feb. 2014 full time jobs up-Bloomberg

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3/12/14, "Australia Adds Most Full-Time Workers Since 1991; Aussie Jumps," Bloomberg.com Michael Heath, Sydney

"Australian employers boosted full-time payrolls in February by the most in more than 22 years, sending the nation’s currency higher and underscoring the central bank’s shift to a neutral policy stance.

The number of people employed full time rose by 80,500, the biggest increase since August 1991 and the second largest rise on record, the statistics bureau said in Sydney today. Overall employment climbed 47,300, compared with the median estimate for a 15,000 rise in a Bloomberg survey of economists, as part-time jobs dropped. The jobless rate held at 6 percent. 

Central bank Governor Glenn Stevens reduced the benchmark interest rate by 2.25 percentage points since late 2011 to a record-low 2.5 percent and signaled a period of steady borrowing costs. The jobs data and a stronger housing market indicate businesses are beginning to invest in an economy that policy makers predict will accelerate. 

“Labor demand has started to heal,” Katrina Ell, an economist at Moody’s Analytics in Sydney, said before today’s report. “Improved domestic demand thanks to earlier rate cuts is picking up the slack from mining.” 

The Australian dollar rose to 90.61 U.S. cents at 11:52 a.m. in Sydney, from 90.16 cents before the data were released. Australia’s participation rate, a measure of the labor force in proportion to the population, gained to 64.8 percent in February from a revised 64.6 percent a month earlier, it showed.

Higher Forecasts 

Queensland led the employment gain with 30,700 jobs created in February, while New South Wales added 13,900 workers. The RBA last month raised its inflation and growth forecasts, reflecting the lower currency. Cheap mortgages have driven up home prices and spurred a pickup in approvals for residential construction.

“Some forward indicators have stabilized and then improved a little of late, which is promising,” Stevens told lawmakers last week. “But even with this, and with a slightly better growth outlook, the labor market will probably remain soft for a while yet, given that it lags changes in activity.” 

The central bank’s record-low 2.5 percent benchmark rate helped drive a 14.1 percent gain in Sydney dwelling prices in the 12 months to Feb. 28. Approvals to build new dwellings in Australia jumped 6.8 percent in January from a month earlier, according to government figures published March 4. 

Coles supermarkets will create 4,300 jobs in Australia this fiscal year as part of an investment of more than A$300 million in around 150 new and improved supermarkets, liquor and Coles Express stores across the nation, the company said in a Sept. 3 statement. About 1,000 will be in Queensland, more than 1,000 in New South Wales, more than 1,200 in Victoria, about 500 in South Australia and more than 400 in Western Australia. 

Woolworths Ltd., Australia’s largest retailer, is also building up its new Masters hardware chain with Lowe’s Cos." via Zero Hedge

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Zero Hedge not taking this news to the bank:

3/12/14, "It Didn't Snow In Australia: February Full-Time Jobs Surge Is Third Highest Ever," Zero Hedge

"Australia just added the 3rd most full-time jobs ever in a month according to the Aussie Bureau of Statistics. That is 16-times the average monthly gain since 1978. Of course, rather than shrug it off as some idiotic aberration as the nation suffers under the crushing blow of a collapsing commodity market and shrinking China, "traders" bid AUDJPY to the moon (which sparked a mini-rally in US equity futures)."...



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