Australian Unemployment Rate at Five Year Low

The Australian Bureau of Statistics recently released the latest unemployment figures.

The trend unemployment rate was 5.4% in the month of June 2018.

“Over the year to June, the unemployment rate declined by 0.2 percentage points. This continues a gradual decrease in the trend unemployment rate from late 2014 and is the lowest rate since January 2013,” said the Chief Economist for the ABS, Bruce Hockman. 

Employment and hours

Trend employment increased by around 27,000 persons in June 2018 and the growth was evenly split between full-time and part-time employment, with both increasing by over 13,000 persons. The net increase of 27,000 persons comprised well over 300,000 people entering employment, and more than 300,000 leaving employment in the month.

The trend participation rate remained steady at 65.6 per cent in June 2018, after the May figure was revised up.

Over the past year, trend employment increased by 318,000 persons or 2.6 per cent, which was above the average year-on-year growth over the past 20 years (2.0 per cent).

15 to 19 year olds have contributed around a third of trend employment growth since January 2018. Employment for 15 to 19 year olds increased by over 6,000 in June 2018 and grew by around 58,000 over the last year.

The trend monthly hours worked increased by 3.4 million hours or 0.2 per cent in June 2018, and by 2.6 per cent over the past year.


States and Territories

Year-on-year growth in trend employment was above the 20 year average in all states and territories except for Victoria and Western Australia. Over the past year, the states and territories with the strongest annual growth in trend employment were New South Wales (3.7 per cent), Australian Capital Territory (2.9 per cent) and Queensland (2.6 per cent).

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