The Australian economy seems to be improving, with two recent reports from the Australian Bureau of Statistics (ABS) indicating that the economy has turned for the better.
Retail turnover up, even if only slightly
The latest ABS Retail Trade figures show that Australian retail turnover rose 0.1 per cent in March 2014, seasonally adjusted, following a rise of 0.3 per cent in February 2014.
Turnover rose in food retailing (0.5 per cent) and cafes, restaurants and takeaway food services (1.1 per cent). These rises were partially offset by falls in other retailing (-1.1 per cent), household goods retailing (-0.3 per cent), clothing, footwear and personal accessory retailing (-0.3 per cent) and department stores (-0.1 per cent).
Turnover rose in New South Wales (0.8 per cent), Queensland (0.2 per cent), Tasmania (0.8 per cent) and the Northern Territory (0.1 per cent). These rises were partially offset by falls in Western Australia (-0.9 per cent), South Australia (-0.8 per cent), Victoria (-0.2 per cent) and the Australian Capital Territory (-0.8 per cent).
Through the year, Australian retail turnover rose 5.7 per cent in March 2014, seasonally adjusted, compared to March 2013.
The trend estimate for Australian retail turnover rose 0.5 per cent in March 2014. This follows a 0.6 per cent rise in February 2014. Through the year, the trend estimate rose 6.1 per cent in March 2014 compared to March 2013.
In volume terms, turnover rose 1.2 per cent in the March quarter 2014, seasonally adjusted, following a rise of 1.1 per cent in the December quarter 2013.
Unemployment rate remaining steady
Australia’s seasonally adjusted unemployment rate remained steady at 5.8 per cent in April 2014, as announced by the Australian Bureau of Statistics (ABS).
The seasonally adjusted labour force participation rate decreased by less than 0.1 percentage points to 64.7 per cent in April.
The ABS reported the number of people employed increased by 14,200 to 11,572,900 in April 2014 (seasonally adjusted). The increase in total employment was due to increased male full-time employment and female part-time employment. Full-time employment increased by 14,200 people to 8,045,100 and part-time employment was unchanged at 3,527,800 people.
The number of people unemployed decreased by 400 to 713,400 in April 2014 (seasonally adjusted), the ABS reported.
The ABS monthly seasonally adjusted aggregate hours worked series decreased in April 2014, down 39.9 million hours to 1,572.6 million hours.
