Aussie unemployment remained at 4.2% in January

The Australian Bureau of Statistics (ABS) has just released labour force data for January, with Australia’s headline unemployment rate remaining at its 2008 low of 4.2%:

Total employment rose 12,900, but this was offset by a 0.1% increase in the participation rate:

The employment-to-population ratio increased 0.1% to 63.4% – its highest level on record:

However, hours worked fell by 159.4 million hours (-8.8%) due to the Omicron outbreak:

And the underemployment rate edged up 0.1% to 6.7%, but remains close to its 2008 low hit in December:

Overall, a very strong result given the disruption caused by the Omicron outbreak.

Join in to today’s podcast for a deep discussion on Australia’s ‘once-in-generations’ labour market.