Unemployment Rate Remains Steady At 5.4 % During November 2017

Unemployment Rate Remains Steady At 5.4 % During November 2017

Australian Bureau Of Statistics

Continued Strength In Employment Growth

Victor P Taffa

Employment And Hours

Monthly trend full-time employment increased for the 14th straight month in November 2017 according to the Australian Bureau of Statistics (ABS).

Full-time employment grew by a further 15,000 persons in November, while part-time employment increased by 7,000 persons, underpinning a total increase in employment of 22,000 persons.

“Full-time employment has now increased by around 308,000 persons since November 2016, and makes up the majority of the 371,000 net increase in employment over the period.” Chief Economist for the ABS, Bruce Hockman, said.

Over the past year, trend employment increased by 3.1 %, which is above the average year-on-year growth over the past 20 years (1.9 %).

Trend monthly hours worked increased by 3.8 Million hours (0.2 %), with the annual figure also reflecting strong growth (3.4 %).

Labour force participation rate increased to 65.4 %, the highest it has been since October 2011. Female labour force participation increased, to a further historical high of 60.1 %.

Unemployment And Underemployment

Monthly trend unemployment rate remained steady at 5.4 % in November 2017. The last time the trend unemployment rate was lower was in January 2013.

Quarterly trend underemployment rate decreased by 0.2 percentage points to 8.4 % over the quarter to November 2017.

“Over the course of 2017 the underemployment rate has fallen from an historical high of 8.7 % in February to 8.4 % in November, its lowest point in almost 2 years.” Mr. Hockman said.

Quarterly trend underutilisation rate, which includes both unemployment and underemployment, decreased by 0.3 percentage points to 13.8 %.

Seasonally Adjusted Data

Seasonally adjusted number of persons employed increased by 62,000 in November 2017. The seasonally adjusted unemployment rate remained steady at 5.4 % and the labour force participation rate increased to 65.5 %.