Youth labour market climbs out of gutter

Yesterday’s ABS labour force release for August revealed that Australia’s youth – i.e. those aged 15 to 24 years old – led the nation’s jobs rebound.

The headline youth unemployment rate fell 2.0% to 14.3%, although it remains nearly three times higher than the rest of the labour market (5.4%):

Of more interest, youth jobs rebounded by 33,700 versus a 77,300 increase across the rest of the labour market; although youth jobs are still 151,800 below their March pre-COVID level:

In annual growth terms, youth jobs have fallen by 7.8% versus a 1.7% decline across the rest of the labour market.

Full-time youth jobs have declined by 75,300 since March, versus a 76,500 decline in part-time jobs:

In annual growth terms, full-time jobs are down 11.6% year-on-year versus a 4.7% fall in part-time jobs.

The participation rate rose another 0.2% in August; although it remains 2.6% below its March pre-COVID level:

Youth underemployment fell slightly to 19.3%, whereas underutilisation (unemployment and underemployment combined) fell by 2.3% to 33.6%:

 

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