Economics
Australia's Jobs Growth Keeps Surging, But Something's Missing
- Economy added twice as many roles as predicted in December
- Participation rate jumps to highest in almost seven years
Commuters walk past a ferry docked at the Circular Quay wharf in Sydney, Australia.
Photographer: Dallas Kilponen/Bloomberg
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Australian employment surged in December, capping one of the strongest years of jobs growth on record. The nation still isn’t cheering.
Data out Thursday showed the economy added twice as many roles as forecast in December, in the 15th straight month of job creation. But the currency was little moved -- after initially whipsawing -- while the creation of 400,000 jobs last year has done little for the government’s political fortunes. The reason: the so-called jobs bonanza isn’t translating into wages growth.