Territory economic review
NT Treasury, Economic Analysis Division
Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals
Date:2001-09; 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.
Northern Territory -- Economic conditions -- Periodicals
Northern Territory Government
Northern Territorty Government
SEPTEMBER 2001 4 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic LATEST ECONOMIC STATS Employment In original terms, employment in the Territory fell by 1.1 per cent in July. However, in trend terms employment increased by 0.9 per cent (to 98 200). The trend participation rate rose by 1.0 of a percentage point, resulting in a trend unemployment rate of 7.4 per cent Full time employment increased 0.3 per cent during the month and part time employment increased by 3.2 per cent. The reported pick up in trend employment since mid 2000 has seen aggregate employment exceed levels achieved in 1999 at the peak of the cycle. Northern Territory Employment 80 85 90 95 100 96 97 98 99 00 01 '000 Year ended July Unadjusted Trend '000 Source: ABS data Unemployment Stronger employment growth is yet to lead to a fall in the trend unemployment rate, with unemployment rising steadily since mid-2000 to be 7 400 (or 7.0 per cent in original terms) in July 2001. Over the last half of calendar 2000 and in the first half of 2001, an increased number of job seekers entered the Territorys job market, apparently encouraged by jobs growth. As such, the participation rate has increased from 67.8 per cent in mid 2000 to 74.7 per cent a year later (July 2001). The higher participation rate in the Territory has meant that the trend unemployment rate has increased to 7.4 per cent in July (from 4.8 per cent a year ago), despite the pick up in employment growth. Unemployment 0 2 4 6 8 10 96 97 98 99 00 01 percent Year ended July Australia (seasonally adjusted) Northern Territory (unadjusted) Northern Territory(trend) Australia (unadjusted) Source: ABS data Retail Growth in real retail turnover at the Territory and national level slowed over most of 2000, reflecting higher interest rates and petrol prices reducing consumer retail spending. Also, the effect of the weak Australian dollar and higher import prices has begun to flow through to retail prices. Real Territory retail turnover decreased 0.3 per cent over the June quarter and by 2.0 per cent in year on year terms. Notwithstanding this, the softer phase of retail activity may be bottoming out. Lower year on year figures reflect the strength of the previous years December and March quarters, due to the boost provided by the East Timor relief effort, followed by a stronger than usual June quarter due to pre-GST consumer spending. Constant Price Retail Turnover (moving annual total, annual per cent change) -10 -5 0 5 10 15 91 92 93 94 95 96 97 98 99 00 01 Northern Territory Australia percent Year ended June Source: NT Treasury, ABS data