The ABS has released its labour market report for October, which reveals that unemployment remains flat at 50.% despite a 32,800 lift in employment (mostly full-time). However, growth in hours worked was weak:
The key points from the release are:
TREND ESTIMATES (MONTHLY CHANGE)
- Employment increased 25,400 to 12,665,800.
- Unemployment decreased 7,600 to 680,300.
- Unemployment rate decreased by 0.1 pts to 5.1%.
- Participation rate remained steady at 65.6%.
- Monthly hours worked in all jobs increased 3.6 million hours (0.2%) to 1,761.8 million hours.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
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- Employment increased 32,800 to 12,671,500. Full-time employment increased 42,300 to 8,703,700 and part-time employment decreased 9,500 to 3,967,900.
- Unemployment increased 4,600 to 672,100. The number of unemployed persons looking for full-time work decreased 5,200 to 445,400 and the number of unemployed persons only looking for part-time work increased 9,800 to 226,700.
- Unemployment rate remained steady at 5.0%.
- Participation rate increased by 0.1 pts to 65.6%.
- Monthly hours worked in all jobs increased 6.1 million hours (0.3%) to 1,764.4 million hours.
LABOUR UNDERUTILISATION (MONTHLY CHANGE)
- The monthly trend underemployment rate remained steady at 8.3 per cent. The monthly underutilisation rate decreased by 0.1 percentage points to 13.4 per cent.
- The monthly seasonally adjusted underemployment rate remained steady at 8.3 per cent. The monthly underutilisation rate remained steady at 13.3 per cent.
Full report to come.