The Australian Bureau of Statistics (ABS) has reported that the seasonally adjusted unemployment rate in Australia dropped to 3.5% in February. Employment increased by around 65,000 people, while the number of unemployed decreased by 17,000 people. The rise in employment in February was preceded by declines in December and January, which were due to a higher-than-normal number of individuals who were waiting to begin new jobs. Most of these individuals returned to work or started new jobs in February.
Source: Australian Bureau of Statistics
The employment to population ratio increased 0.2 percentage points to 64.3% in February, back to the level in December 2022. The participation rate rose 0.1 percentage point to 66.6% in February, also back to the level in December 2022. The seasonally adjusted underemployment rate fell 0.3 percentage points to 5.8%, while the underutilisation rate, which combines the unemployment and underemployment rates, fell 0.5 percentage points to 9.4%. The trend employment increased by 20,000 people (0.1%) in February 2023.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.