Jobs growth smash expectations again...

• Employment growth again blitzed the market, rising by 46k compared to my forecast of 10k and the market’s 15k forecast.
• This reflected an 18k rise in full-time jobs and a 27k increase in part-time.
• The unemployment rate was steady at 5.1% (revised down to 5.1% in May from 5.2%). This is the lowest unemployment rate since January 2009.
• The part-rate rose to 65.2% from 65.1%.
• By state, jobs growth was strongest in WA with 22k jobs created (unemployment rate at 4.1%) and NSW +15k (unemployment rate unchanged at 5.2%). Jobs in the other states were up around 1-8k with unemployment rates around the 5.3% to 5.4% mark.
• Since January, 184k jobs have been created, the pace of jobs growth accelerating into the 2^nd quarter form the 1^st (104k v 80k). This is as good a sign as any that, far from slowing under weight of rate rises and whatever else people want to throw-up, the economy is actually getting stronger. Aiding that view is also the fact that, of the 184k jobs that have been created this year, 153k of them are full-time jobs.