The Economy: It's Growing Solidly, The Jobs Market Says So
A strong jobs report will not be ignored at the Reserve Bank, but you bet there will be a flock of commentators, lobbyists and their employers who will ignore it and still insist that the Australian economy is sluggish, two speed and worse.
That's rubbish, while some companies are doing it tough in retailing and the dollar is causing pain, an economy stuck in the slow does not boost jobs at the rate the Australian economy has been doing.
The disruptions caused by January's floods are clearly over for the jobs market and the strong growth of late last year has reappeared.
Have no doubt, the March jobs report yesterday from the Australian Bureau of Statistics was very upbeat and along with the half a per cent rise in retail sales in February reported a week ago, will bring forward the next rate rise from the end of the year to anywhere from July onwards if the April figures repeat last month's strength.
Nearly 38,000 new jobs were reported last month and the unemployment rate dipped to 4.9%, back where it was late last year, after sitting on 5% since January.
That was almost double the 20,000 to 22,000 new jobs forecast by the market.
WA remains the strongest employment performer (naturally), but Victoria is now close behind, followed by NSW and SA.