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Via the ABS:
In seasonally adjusted terms, in September 2022:
- unemployment rate remained at 3.5%.
- participation rate remained at 66.6%.
- employment increased to 13,590,800.
- employment to population ratio decreased to 64.2%.
- underemployment rate remained at 6.0%.
- monthly hours worked decreased to 1,853 million.
In trend terms, in September 2022:
- unemployment rate remained at 3.5%.
- participation rate increased to 66.7%.
- employment increased to 13,608,200.
- employment to population ratio remained at 64.3%.
- underemployment rate remained at 6.0%.
- monthly hours worked increased 0.1% to 1,859 million.
Key statistics – Seasonally adjusted Aug-2022 Sep-2022 Monthly change Monthly change (%) Yearly change Yearly change (%) Employed people 13,589,900 13,590,800 900 0.0% 691,200 5.4% Unemployed people 490,600 499,400 8,800 1.8% -133,000 -21.0% Unemployment rate 3.5% 3.5% 0.1 pts na -1.1 pts na Underemployment rate 6.0% 6.0% 0.1 pts na -3.2 pts na Participation rate 66.6% 66.6% 0.0 pts na 1.9 pts na Monthly hours worked in all jobs 1,854 million 1,853 million -1 million 0.0% 124 million 7.1%
Key statistics – Trend Aug-2022 Sep-2022 Monthly change Monthly change (%) Yearly change Yearly change (%) Employed people 13,592,800 13,608,200 15,400 0.1% 469,400 3.6% Unemployed people 496,700 494,400 -2,300 -0.5% -142,900 -22.4% Unemployment rate 3.5% 3.5% 0.0 pts na -1.1 pts na Underemployment rate 6.0% 6.0% 0.0 pts na -3.2 pts na Participation rate 66.6% 66.7% 0.0 pts na 0.8 pts na Monthly hours worked in all jobs 1,856 million 1,859 million 3 million 0.1% 123 million 7.1%
Estimates of changes throughout this release are calculated using un-rounded level estimates and may be different from, but are more accurate than, movements obtained from the rounded level estimates.
A decent miss on jobs at 900 vs 25k expected but otherwise stable.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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