Unemployment Rate Down To 5.3 % In August 2018

Unemployment Rate Down To 5.3 % In August 2018

Australian Bureau Of Statistics

Trend Unemployment Rate Decreases To 5.3 %

Victor P Taffa

Trend unemployment rate decreased from 5.4 % to 5.3 % in the month of August 2018, according to the latest figures released by the Australian Bureau of Statistics (ABS) today.

“Since last August, the trend unemployment and underemployment rates have both fallen. As a result, underutilisation in Australia was at its lowest level since late 2013, at 13.6 %.” ABS Chief Economist Bruce Hockman said.

Employment And Hours

Trend employment increased by around 29,000 persons in August 2018 with full-time employment increasing by around 21,000 persons.

Trend participation rate remained steady at 65.6 % in August 2018, after the July figure was revised up.

“For those people aged 15 to 64 years, trend participation was the highest on record. Female participation in this age group, at 73.2 %, was also a record high.” Mr. Hockman said.

Over the past year, trend employment increased by around 300,000 persons or 2.5 %, which was above the average year-on-year growth over the past 20 years (2.0 %).

Trend monthly hours worked increased by 0.1 % in August 2018 and by 1.8 % over the past year.

States And Territories

For most states and territories, year-on-year growth in trend employment was at or above their 20 year average, except for Western Australia, Tasmania and the Australian Capital Territory.

Over the past year, the states and territories with the strongest annual growth in trend employment were:

  • New South Wales 3.6 %,
  • Northern Territory 3.0 %,
  • Victoria 2.5 %.

Seasonally Adjusted Data

Seasonally adjusted number of persons employed increased by around 44,000 persons in August 2018.

Seasonally adjusted unemployment rate remained steady at 5.3 %, the underemployment rate decreased to 8.1 % and the underutilisation rate decreased to 13.4 %. The labour force participation rate increased to 65.7 %.

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