Unemployment rate falls to 48 year low of 3.9%

The ABS has just released its labour force survey for April, which reported that Australia’s unemployment rate has fallen to its lowest level since August 1974 at just 3.9%, with underemployment also falling to its lowest level since 2008 at just 6.1%:

Australia's unemployment rate

The key movements are shown below:

Labour force summary

In particular:

  • Unemployment rate down slightly to 3.9%.
  • Participation rate decreased to 66.3%.
  • Employment increased to 13,401,700.
  • Employment to population ratio remained at 63.8%.
  • Underemployment rate decreased to 6.1%.
  • Monthly hours worked increased by 23 million hours.

The next chart plots the growth in jobs and hours worked:

Jobs growth and hours worked

Thank goodness for the collapse in immigration.

Unconventional Economist
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Comments

  1. reusachtigeMEMBER

    Not that any of youse commies will acknowledge the great work of our Liberal Nationalist Party to get us to this point!!

    • SnappedUpSavvyMEMBER

      i reckon it’ll have to stay this low for a good 6 months to get wages going

    • The Scrote CLEARLY said a couple of days ago the proles are gonna need to suck it up for at least 18 months (LOL! He’s even quoting us loosers!) as it moves negatively sideways.

      Albo should have been all over that! “Australian wage growth is like Australian houses becoming more affordable! It’s always 18 months away”

      • He can’t since he knows they’ll be running the same excessive immigration policy. The only party with a clear “medium” immigration policy is Sustainable Australia, not even One Nation have a low immigration policy it seems (last time I looked).

  2. Terrible news, without the serfs competing with each other for table scraps, profits might be slightly less humungous!

  3. Fortunately, Australia is renowned for its fiercely independent journalists and economists. They keep pointing to the 100-year immigration collapse. No way would they let Morrison claim credit, not just before an election.