Unemployment Rate Steady At 5.8 % February 2017

Unemployment Rate Steady At 5.8 % February 2017

Australian Bureau Of Statistics

Trend Unemployment Rate At 5.8 %

Victor P Taffa

Trend unemployment rate in Australia was 5.8 % in February 2017, according to figures released by the Australian Bureau of Statistics (ABS) today.

 “Over the past year, we have continued to see a relatively steady trend unemployment rate between 5.7 % and 5.8 %.” Acting General Manager of ABS’ Macroeconomic Statistics Division Jacqui Jones said.

 

It should be noted that January 2017 trend unemployment rate was revised up from 5.7 % to 5.8 %, as part of the standard monthly revisions.

Quarterly trend underemployment rate remained at 8.6 %.

“Underemployment rate is still at a historically high level for Australia, but has been relatively unchanged over the past two years.” Ms. Jones said.

Trend employment increased by 11,600 persons to 12,005,000 persons in February 2017, reflecting an increase in both full-time (4,600) and part-time (6,900) employment. This was the 5th straight month of increasing full-time employment, after 8 consecutive decreases earlier in 2016.

Total employment growth over the year was 0.8 %, which was less than half the average growth rate over the past 20 years (1.8 %).

Trend monthly hours worked increased by 1.2 Million hours (0.1 %), with increases in total hours worked by both full-time workers and part-time workers.

Trend participation rate was unchanged at 64.6 %.

Trend series smooth the more volatile seasonally adjusted estimates and provide the best measure of the underlying behaviour of the labour market.

Seasonally adjusted number of persons employed decreased by 6,400 in February 2017. The seasonally adjusted unemployment rate increased by 0.2 percentage points to 5.9 %, and the seasonally adjusted labour force participation rate was unchanged at 64.6 %.