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Roy Morgan Research has released its unemployment estimate for February, which rose by 0.3% to 8.5% following a reduction in part-time employment as the summer holidays ended. However, underemployment dropped sharply (-0.6%) to 7.8%. There were also more than 300,000 people in jobs in February compared to the beginning of the pandemic:
The key movements are detailed below:
Workforce dropped 137,000 in February as the Omicron variant continued to disrupt the workforce:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.