Monday, June 24, 2024

Unemployment rate remains at 3.7% in August, as employment grows by 65K

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  • Australia’s seasonally adjusted unemployment stood at 3.7% in August 2023, unchanged from July’s three-month high and matching the market forecast.
  • The number of unemployed individuals fell by 2.6 thousand to 540.5 thousand.
  • At the same time, employment surged by 64.9 thousand to 14.11 million, more than market forecasts of a 23 thousand gain, rebounding from a 1.4 thousand fall in July.
  • Full-time employment advanced by 2.8 thousand to 9.85 million, while part-time employment climbed by 62.1 thousand to 4.26 million.
  • Meanwhile, the underemployment rate rose to 6.6% from 6.4% but was still around 2.2 points lower than before the pandemic.
  • Additionally, monthly hours in all jobs declined by 9 million, or 0.5%, to 1,941 million.

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