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%:
The key movements are shown below:
- 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:
Thank goodness for the collapse in immigration.