Unemployment Rate Remains Steady On 5.2 % For September 2018

Unemployment Rate Remains Steady On 5.2 % For September 2018

Australian Bureau Of Statistics

Trend Unemployment Rate At 6-Year Low

Victor P Taffa

Trend unemployment rate remained steady at 5.2 % in the month of September 2018 after the August figure was revised down, according to the latest figures released by the Australian Bureau of Statistics (ABS).

“Today’s figures continue to show a gradual decrease in the trend unemployment rate that began in late 2014. The trend unemployment rate of 5.2 % is the lowest it has been since mid 2012.” Chief Economist for the ABS Bruce Hockman said.

Employment And Hours

Trend employment increased by around 26,000 persons in September 2018 with full-time employment increasing by over 21,000 persons.

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

Over the past year, trend employment increased by over 290,000 persons or 2.4 %, 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 September 2018 and by 1.8 % over the past year.

States And Territories

States and territories with the strongest annual growth in trend employment were:

  • New South Wales (3.4 %),
  • Victoria (2.6 %).

New South Wales and Victoria were the only states and territories to record year-on-year growth above their 20-year averages.

Seasonally Adjusted Data

Seasonally adjusted number of persons employed increased by around 5,600 persons in September 2018. The seasonally adjusted unemployment rate decreased to 5.0 % and the labour force participation rate decreased to 65.4 %.

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.

New Underemployment Data

Trend underemployment rate decreased to 8.3 % in September 2018 and the trend underutilisation rate decreased to 13.5 %.

From September 2018 the ABS will publish monthly trend and seasonally adjusted data on underemployment and underutilisation.