Unemployment falls to 10-year low of 4.9%

God bless COVID and closed borders. The ABS has just released the labour market report for June, which recorded the lowest unemployment rate since June 2011 at 4.9%:

June labour market summary

Key statistics:

  • Unemployment rate decreased to 4.9%.
  • Participation rate remained at 66.2%.
  • Employment increased to 13,154,200.
  • Employment to population ratio increased to 63.0%.
  • Underemployment rate increased to 7.9%.
  • Monthly hours worked decreased by 33 million hours.

Here’s the chart:

Unemployment rate

Decade low.

I’ll be back later with the detailed report.

Unconventional Economist
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