Unemployment Rate Down To 5.1 % October 2018

Unemployment Rate Down To 5.1 % October 2018

Australian Bureau Of Statistics

Trend Unemployment Rate Falls To 5.1 %

Victor P Taffa

Trend unemployment rate fell from 5.2 % to 5.1 % in the month of October 2018, according to the latest figures released by the Australian Bureau of Statistics (ABS).

“Today’s fall in trend unemployment to 5.1 % marks the lowest unemployment rate since early 2012. This month is the 25th consecutive monthly increase in employed full-time persons with an average increase of 20,300 employed per month.” ABS Chief Economist Bruce Hockman said.

Employment And Hours

Trend employment increased by 25,400 persons in October 2018. Full-time employment increased by 22,900 persons and part-time employment by 2,500.

Trend underemployment rate remained steady at 8.3 % in October 2018 and the trend underutilisation rate decreased 0.1 percentage points to 13.4 %.

Trend participation rate remained steady at 65.6 % in October 2018.

Over the past year, trend employment increased by 285,900 persons or 2.3 %, which was above the average year-on-year growth over the past 20 years (2.0 %).

Trend monthly hours worked increased by 0.2 % in October 2018 and by 2.0 % over the past year.

States And Territories

States and territories with the strongest annual growth in trend employment were New South Wales (3.5 %) and Victoria (2.6 %).

“Of the 20,300 average monthly increase in employed full-time persons over the past 25 months.” Mr. Hockman said.

  • New South Wales contributed 35.9%,
  • Victoria 30.5%,
  • Queensland 16.5%,
  • Western Australia 12.1%.

Contribution of the other states and territories was largely flat.

Seasonally Adjusted Data

Seasonally adjusted number of persons employed increased by around 32,800 persons in October 2018. The seasonally adjusted unemployment rate remained steady at 5.0 % and the labour force participation rate increased 0.1 percentage point to 65.6 %.

Net movement of employed in both trend and seasonally adjusted terms is underpinned by well over 300,000 people entering employment, and more than 300,000 leaving employment in the month.