Australian Bureau of Statistics reveals substantial employment growth in October

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The Australian Bureau of Statistics (ABS) has released the October statistics results which clearly show growth in Victoria’s employment rate by 0.5% or a total of 14,200 new employees.

Image credit: User: alejandrowebmaster
Image credit: User: alejandrowebmaster

The increases in both full-time and part-time employment, which amount to 8,000 and 6,200 persons respectively, have shown that the state of Victoria delivered the largest employment increase of any state in the nation, as confirmed by the latest media release by the Premier of Victoria.

Treasurer Michael O’Brien has welcomed the labor force figures which show positive trends in the state’s economy, in stark contrast to the nationwide figures that reflect weakness in the national economy.

“Victoria’s additional 14,200 jobs is the highest of all the states in absolute terms. By comparison, on a nationwide basis, the number of jobs increased by only 1,100. This demonstrates that there is softness in the national economy, and the Coalition Government’s economic strategy is continuing to support growth right across Victoria,” Mr. O’Brien said.

“To put the creation of an additional 14,200 jobs in one month into perspective, it is equivalent to the population of the Rural City of Benalla.”

Despite the strong numbers which show increase in employment over the month, the rise in the participation rate by 0.3% led to a small rise in the unemployment rate, which increased by 0.1% to 5.9% in the state of Victoria.

The numbers put forward by the Australian Bureau of Statistics also reveal that Victorian employment has significantly increased by 25,600 over the course of the year (0.9%).

“Victoria’s record $6.1 billion infrastructure program, announced in the 2013-14 State Budget, will continue to drive economic growth and boost productivity in the short to medium term.”

“Major infrastructure projects such as the East West Link will only further support job creation and productivity in our growing and diversified economy,” concluded Mr. O’Brien.