Employment jumped and the labor force swelled in Australia’s western mining heartland, offsetting job losses in every other state, suggesting forecasts of a resource investment revival might be coming to pass.
In Western Australia, 13,800 jobs were added in June, the participation rose 0.3 percentage point and unemployment fell almost half a percentage point to 5.8%, data from the statistics bureau showed in Sydney Thursday. In contrast, New South Wales, the economy’s growth driver in recent years and Australia’s biggest state, shed 17,400 positions.
“The pickup in full-time hiring in Western Australia may be a sign that the trough in resource investment may soon come to an end,” said Tamara Mast Henderson, an economist at Bloomberg Economics. Continue Reading →