Apr 15, Last 88.7k; WBC f/c: 32k, Mkt f/c 35.0k, range: 10.0k to 65.0k.
- February was cracking result with total employment rising 88.7k which were all full-time. Part-time employment was as good as flat (-0.5k).
– There was the strong recovery in hours worked,+6.1%mth,from the -4.9% collapse in January, for hours worked to now be up 0.2% in the -4 2 week ave -4 year. Total employment is up 0.1%yr to February. As expected, NSW had -6 month ave -6 a recovery from the January closures (+42.0k) with Victoria continuing the robust momentum from the reopening of its economy in late Westpac 2020 (+26.6k.)
– Leading indicators of employment, such as weekly payrolls, job vacancies and the various business surveys all suggest labour demand continued to strengthen through March and into April. As such we see upside risks to our +32k forecast.
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