Jobs grow as firms lift spending plans

jobs grow as firms lift spending plans

Sumary of Jobs grow as firms lift spending plans:

  • Australian Bureau of Statistics data showed payroll jobs continue to recover from the impact of these restrictions, rising 1.4 per cent in the fortnight to October 30 after a 1.7 per cent increase in the first two weeks of the month.
  • But Treasurer Josh Frydenberg said payroll jobs are now 3.9 per cent higher than going into this pandemic.
  • “The ABS said also capital expenditure by private businesses dropped 2.2 per cent in the September quarter to $32.7 billion, coinciding with the stiff coronavirus restrictions in the nation’s major states.
  • RBC Capital Market chief economist Su-Lin Ong said Thursday’s data suggested a stronger recovery was under way, with “encouraging momentum” and would be welcomed by the Reserve Bank of Australia.
  • “Stronger business investment is critical to the productivity equation and key in lifting sustainable growth, while the payrolls data will give them confidence in the recovery and progress to full employment,” Ms Ong said.
  • KPMG chief economist Brendan Rynne said the real challenge wa whether business spending intentions would be realised given current supply chain problems.

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