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Yesterday’s ABS labour force release for October revealed a sharp deterioration in Australia’s youth labour market – i.e. those aged 15 to 24 years old – with falling jobs growth and rising unemployment and underemployment.
The trend headline unemployment rate rose to 12.05% in October:
Total employment growth for those aged 15-24 years fell to 0.5% in October, and has dived over the past year, badly underperforming the rest of the labour market (2.3% growth):
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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.