The seasonally adjusted unemployment rate in Australia came in at a steady 5.6 percent in October, unchanged from the previous month, according to the Australian Bureau of Statistics. The numbers indicated that the unemployment rate in Australia was at the lowest since September 2013. The unemployment rate has remained stable for the last three months and in line with market expectations. The participation rate, which is the measure of the total number of persons who are employed and unemployed but looking for a job separated by the total working-age of the labour force continued to remain at a decade low of 64.4 percent. Key highlights of the employment data included:
Growth in full-time employment and shift from part-time jobs: The number of Australians who found new jobs in the month of October rose 9,800 to 11,938,900, largely due an increase in growth in full-time employment which improved by 41,500 to 8,126,900. However, there was a setback in part-time employment as 31,700 part-time workers lost their jobs. These are contrary to seasonally adjusted numbers from December 2015 where full-time employment decreased by 89,900 persons, while part-time employment increased by 133,000 persons. However, the tend is still weak and needs to be monitored going forward. If this continues, then job satisfaction and confidence can drive spending and borrowing.
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Trend for employed persons and unemployment rate (Source: Australian Bureau of Statistics)
Decline in unemployed population: The number of unemployed persons in the country witnessed a firm drop of 2,000 to 705,100, with the number of unemployed persons on the lookout for full-time employment on the rise and the number of persons looking for part-time work falling.
Rise on monthly hours: Monthly hours spent at the workplace increased 14.3 million hours to 1674.8 million hours, in line with the number of new full- time jobs created.
Employment increase for Victoria: In seasonally adjusted terms, Victoria, Western Australia and South Australia witnessed rise in employment in October 2016. The largest employment increase was in Victoria (which was up 20,500 persons). On the other hand, the largest decrease was in Queensland (down 16,900 persons).
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