Employment in detail: Recovery on track

The Australian Bureau of Statistics (ABS) today released its labour force report for December, which registered a 0.2% fall in the official unemployment rate to 6.6% of a 0.4% increase in jobs:

Full-time jobs rose by 35,700 and part-time employment rose by 14,300:

The participation rate rose another 0.06% to 66.16%:

Total employment has rebounded 6.5% from its May low, and remains only 0.7% below its February peak:

Full-time employment has rebounded 3.0% from its June low, but remains 1.4% below the February peak.

By contrast, part-time employment has rebounded 15.5% from its May low and is now 0.8% above its February peak:

Annual employment losses are concentrated in the two biggest states, whereas the other states have experienced jobs growth:

WA has the lowest unemployment rate and QLD the highest:

Most importantly, aggregate hours worked rose another 0.10% in December to be only 1.4% below the March peak:

The next chart shows the broad-based changes across the Australian labour market over the past year:

Finally, the underemployment rate fell 0.8% to 8.5%, whereas underutilisation fell 1.1% to 15.1%:

The labour market recovery remains well on track.

Unconventional Economist
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