The Australian Bureau of Statistics (ABS) yesterday released labour market data for the month of February, which revealed that the youth labour market (i.e Australians aged 15-24) has joined the broader market rebound.
Australia’s youth unemployment rate was 12.9% in February, down from 14.0% in January. This compares to an unemployment rate of 4.5% across the rest of the labour market.
Youth jobs rose by 30,600 in February versus a 58,000 increase in jobs across the rest of the labour market, with youth jobs still 72,600 below their March pre-COVID level:
By comparison, jobs across the rest of the labour market are 76,200 above their pre-COVID level.
In annual growth terms, youth jobs have fallen by 3.0% versus a 0.5% increase across the rest of the labour market.
Youth full-time youth jobs have declined by 7.6% year-on-year versus a 0.5% increase in part-time jobs:
The participation rate rose by 0.3% to 68.6% in February and is now 0.3% above its March pre-COVID level:
Youth underemployment rose by 1.0% at 16.8% whereas underutilisation (unemployment and underemployment combined), fell by 0.1% to 29.7%:
While the rebound is welcome, the youth labour market is recovering at a slower pace than the broader labour market.