Jobs growth supports spending
3/12/2007(3:40 PM)
The Australian employment sector has helped to boost consumer spending, according to a number of economists.
Bloomberg reports that 24 economists estimated that retail sales will have risen for a fifth consecutive month in October.
According to the news agency, the country's lowest unemployment rate in 30 years has supported consumer spending.
Bill Evans of Westpac Banking said: "Spending will continue to be well supported by robust jobs growth, rising wealth and tax cuts.''
The news provider noted that October marked Australia's longest sustained period of employment growth in over 12 years.
In related news, Australia & New Zealand Banking Group recently reported that job advertisements in newspapers and on the internet increased by 2.7 per cent in October compared with a month earlier.
The firm said that the total number of jobs advertised during October was 30.5 per cent above the figure recorded during the same month in 2006.
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