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Economics update | October 14, 2022
14 Oct 2022
Payroll jobs rose 0.3 per cent in September
Recent figures released by the ABS show payroll jobs up 0.3 per cent in the month to 17 September 2022. Although growing six per cent for the year, the average monthly growth over the last six months is 0.3 per cent. The slowing of payroll jobs growth across 2022 reflects the ongoing tightness of the labour market across the country.
The ACT and WA contributed the most to this month’s payroll jobs growth with a 0.7 per cent and 0.6 per cent increase respectively. Victoria and NSW recorded 0.4 per cent growth whilst Queensland, SA and the Northern Territory all recorded a small 0.1 per cent growth.
Household spending continues to rise
Household spending through the year to August increased 29 per cent, with a 45 per cent increase in spending on services and 15 per cent on goods. The strength of the annual increase is mainly a reflection of the COVID-19 lockdowns in NSW, Victoria and the ACT in August 2021 constraining spending at that time and the recovery since.
Spending increased across all categories, but was strongest in clothing and footwear (75.8 per cent); hotels, cafes and restaurants (64.8 per cent); and transport (57.8 per cent). The categories least effected by the COVID-19 lockdowns saw small rises, these being food (2.4 per cent) and alcoholic beverages and tobacco (0.2 per cent).
Month-on-month, household spending rose 0.8 per cent in August, a modest improvement following a drop of 0.2 per cent in July. While household spending remains high, it appears to have plateaued in recent months, as consumer sentiment weakens due to increasing interest rates as the RBA tighten monetary policy.
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