Published on Jul 12, 2016
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Cessnock businesses are always looking ahead to further growth and prosperity. It is useful to take a few minutes each month to consider statistics relevant to your community and business.
These key economic indicators released by state and federal agencies inform businesses on the latest trends.
Population and Employment
- Since 1992 there has been a marked shift toward the occupation classifications of Professionals, Technical and Trade and Clerical and Admin workers.
- Increased levels of flexible work. The full time/part time employee split changed from 75/25 per cent in 1996 to 68.5/31.5 per cent in 2016.
- Reports of higher levels of underemployment – people who want and are able to work more than their employment can offer.
- The unemployment rate remained steady at 5.7 per cent seasonally adjusted.
- An estimated 11,930,700 people were employed during May, with 17,900 jobs added to the economy. Interestingly all of the new jobs creating in May new were part-time.
Employment trends are an important consideration for Council as we plan for the community needs now and into the future. Find out more about current projects:
Retail Sales, Tourism and Consumer Confidence
- Nationally, NSW continues to outpace other states.
- Across Australia the Other retailing category experienced the strongest growth at 0.5 per cent.
- Consumer confidence yo-yoed throughout June according to ANZ Roy Morgan Consumer Confidence polling.
Australia welcomed 677,000 short term overseas arrivals. This represents a year-on-year increase of 10.9 per cent. A number of key markets have experienced substantial arrivals growth:
- South Korea and Japan up 30 per cent.
- UK up by 24 per cent.
- China and United States up by 18.5 per cent.
Cash rate remains on hold at 1.75 per cent. RBA Governor Glenn Stevens cited financial market volatility following Brexit, low commodity prices and business investment decline as contributing factors. Other points highlighted in the cash rate statement included:
- Continued overall growth despite a decline in business investment.
- Domestic demand and exports at or above trend.
- Modest employment expansion indicators and subdued labour costs.
- Low inflation of 1.3 per cent.
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