Unemployment Rate Remains Steady At 5.5 % For May 2018

Unemployment Rate Remains Steady At 5.5 % For May 2018

Australian Bureau Of Statistics

Trend Underemployment Rate Down To 8.5%

Victor P Taffa

Monthly trend unemployment rate remained steady at 5.5 % in May 2018, according to latest figures released by the Australian Bureau of Statistics (ABS) today.

Over the year to May, the unemployment rate declined 0.2 %, while the underemployment rate also fell by 0.2 % over the year to 8.5 %. The underemployment rate, which is the proportion of people who are working but would like to work more hours, remains below the peak of 8.7 % seen in 2017.

“Latest data tells us that over the past year both the trend unemployment rate and underemployment rate declined by 0.2 %, resulting in the underutilisation rate declining 0.4 % to 13.9 %.” Chief Economist for the ABS, Bruce Hockman said.

Employment And Hours

Trend employment increased by around 16,000 persons in May 2018, with part-time employment increasing by 12,000 persons and full-time employment by 4,000 persons. This continued the recent slowing of employment growth, particularly full-time employment growth.

Net increase of 16,000 persons comprised of well over 300,000 people entering employment, and more than 300,000 leaving employment in the month.

Trend participation rate decreased by less than 0.1 % to 65.5 % in May 2018, after the April figure was revised down.

Over the past year, trend employment increased by 318,000 persons or 2.6 %, which was above the average year-on-year growth over the past 20 years (2.0 %).

Trend monthly hours worked increased by 2.8 Million hours or 0.2 % in May 2018, and by 2.7 % over the past year.

States And Territories

Over the past year, the states and territories with the strongest annual growth in trend employment were New South Wales (3.6 %), Queensland (2.9 %) and South Australia (2.4 %).

Seasonally Adjusted Data

Seasonally adjusted number of persons employed increased by 12,000 persons in May 2018. The seasonally adjusted unemployment rate decreased to 5.4 % and the labour force participation rate decreased to 65.5 %.