The ABS has released its July labour market survey, which recorded a 0.3% decline in Australia’s unemployment rate to 4.6% on flat jobs growth:
It was the lowest recorded unemployment rate since December 2008:
However, Australia’s underemployment rate rose by 0.4% to 8.3%. Hours worked also fell 0.2%.
Bjorn Jarvis, head of labour statistics at the ABS, said the July data coincided with the early weeks of the Greater Sydney lockdown, increased restrictions in other parts of New South Wales, and a series of changes in restrictions in other parts of the country:
“The labour market changes in New South Wales between June and July had a large influence on the national figures. There were big falls in New South Wales in both employment (-36,000) and unemployment (-27,000), with the labour force reducing by around 64,000 people. In addition, hours worked in New South Wales fell by 7.0 per cent. These changes offset increases in employment and hours in Victoria,” Mr Jarvis said.
“Before the pandemic, people in New South Wales accounted for 31.8 per cent of national employment and Victorians accounted for 26.5 per cent. Large changes in these two states are important in understanding changes in the Australian labour market.”
I’ll be back later with the detailed report.
