Territory Stories

Territory economic review

Details:

Title

Territory economic review

Creator

NT Treasury, Economic Analysis Division

Collection

Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals

Date

2003-03-01

Notes

Date:2003-03; Made available via the Publications (Legal Deposit) Act 2004 (NT).; This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Northern Territory -- Economic conditions -- Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

File type

application/pdf

Copyright owner

Northern Territorty Government

Parent handle

https://hdl.handle.net/10070/212458

Citation address

https://hdl.handle.net/10070/716367

Page content

MARCH 2003 7 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic Employment In the Territory there is extreme volatility in monthly labour force data, accentuated in the months around Christmas with school leavers. In original terms, employment in the Territory fell by 4.5 per cent to 94 500 in January, down from 99 000 in December. In trend terms, employment was unchanged at 98 200. Nationally, seasonally adjusted employment growth exceeded market expectations, up by 1.2 per cent. Following 18 months of strong growth to mid 2002, Territory employment has consolidated in the past seven months, in line with expectations. Following strong growth of 5.7 per cent in 2001-02, Territory employment growth is currently 3.0 per cent, compared to 2.1 per cent nationally. Northern Territory Employment (latest data January 2003) 80 85 90 95 100 105 1996 1997 1998 1999 2000 2001 2002 2003 80 85 90 95 100 105 '000 Year ended June Original Trend '000 Source: NT Treasury, ABS data Unemployment The Territorys trend unemployment rate rose to 5.9 per cent in January, up from 5.6 per cent in December. An increase in the participation rate contributed to the increase in the unemployment rate. In original terms, the unemployment rate increased to 7.0 per cent, up 0.9 percentage points on the previous month, but is 2.4 percentage points lower than in January 2002. The deterioration in the unemployment rate in recent months is related to a fall back in employment levels and a higher participation rate. Nonetheless, there has been a marked improvement in the Territorys unemployment rate, falling from 9.4 per cent in January 2002 to 7.0 per cent in January 2003. In the year to January 2003, the Territorys unemployment rate averaged 5.3 per cent, 0.9 percentage points lower than the national rate. Northern Territory Unemployment Rate (latest data January 2003) 0 2 4 6 8 10 1996 1997 1998 1999 2000 2001 2002 2003 0 2 4 6 8 10 per cent Year ended June Original Trend per cent Source: NT Treasury, ABS data Wage Cost Index (WCI) The WCI measures growth in wage rates for a constant basket of jobs (unlike average weekly ordinary time earnings which is subject to compositional distortions). The Territory WCI increased by 0.3 per cent in the December quarter, with a 0.4 per cent increase in the private sector and a 0.3 per cent increase in the public sector. Nationally, the WCI increased by 0.8 per cent in the quarter, in line with market expectations. The Territory WCI weakened to 2.4 per cent through the year and 3.1 per cent in year on year terms. Nationally, through the year, and year on year growth was 3.4 and 3.3 per cent respectively. Territory wage inflation remains moderate, and is expected to remain subdued in 2003. Earnings Growth Year on Year (latest data December quarter 2002) 0 1 2 3 4 5 6 1996 1997 1998 1999 2000 2001 2002 2003 0 1 2 3 4 5 6 per centper cent Year ended June Australia AWOTE* Australia WCI**Northern Territory WCI Northern Territory AWOTE * Average Weekly Ordinary Time Earnings ** Wage Cost Index Source: NT Treasury, ABS data


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