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Why You Could Be A Little Closer To A Pay Rise

You could be closer to a pay rise with the Australian Bureau of Statistics (ABS) revealing February's unemployment rate.

You could be closer to a pay rise with the Australian Bureau of Statistics (ABS) revealing February’s unemployment rate.

According to the stats, Australia added a total of 4,600 additional jobs during February 2019, although this is against expectations of a gain of 15,000 new positions.

But, one of the main takeaways from the figures was that the unemployment rate declined to 4.9% from 5%.

But there was more to it than the headline suggests. The number of full time jobs fell by 7,300 positions, but the number of part-time roles increased by 11,900 people. There are now 8.7 million full time jobs and 4 million part time jobs. This month points to a shift to a rise of the gig economy and casual employment.

Any decrease in unemployment should be welcomed. More people employed means more spending at Coles Group Limited (ASX: COL), Wesfarmers Ltd (ASX: WES) and Woolworths Group Ltd (ASX: WOW).

It also hopefully means continued payment of loans by borrowers of banks like Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC). A strong economy also means good news for employment businesses like SEEK Limited (ASX: SEK).

The lower the unemployment rate, the harder employers have to work to attract and retain staff, which could lead to wage rises.

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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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