Unemployment Rate Steady At 5.0% In February 2019

Unemployment Rate Steady At 5.0% In February 2019

Australian Bureau Of Statistics

Trend Unemployment Rate Steady At 5.0%

Victor P Taffa

Australia’s trend unemployment rate remained steady in February 2019 at 5.0 %, according to the latest information released by the Australian Bureau of Statistics (ABS).

“Trend unemployment rate declined 0.5 percentage points over the year, from 5.5 % to 5.0 %. The pace of decline slowed in recent months, which was consistent with the slowdown seen in recent Job Vacancies and GDP numbers.” ABS Chief Economist Bruce Hockman said.

Employment And Hours

In February 2019, trend monthly employment increased by 20,600 persons. Full-time employment increased by 12,300 persons and part-time employment increased by 8,200 persons.

Over the past year, trend employment increased by 290,700 persons (2.3 %) which was above the average annual growth over the past 20 years (2.0 %).

Trend monthly hours worked increased by 0.1 % in February 2019 and by 1.9 % over the past year. This was slightly above the 20-year average year-on-year growth of 1.7 %.

Underemployment And Underutilisation

Trend monthly underemployment rate decreased by less than 0.1 percentage points to 8.1 % in February and by 0.4 percentage points over the year. The trend underutilisation rate decreased less than 0.1 percentage points to 13.1 %, and by 0.9 percentage points over the year.

States And Territories Trend Unemployment Rate

Trend unemployment rate increased in:

  • Tasmania.

Trend unemployment rate decreased in:

  • Queensland.

Trend unemployment rate remained steady in:

  • Australian Capital Territory,
  • New South Wales,
  • Northern Territory,
  • South Australia,
  • Victoria,
  • Western Australia.

Seasonally Adjusted Data

Seasonally adjusted unemployment rate decreased 0.1 percentage point to 4.9 % in February 2019, while the participation rate fell 0.2 percentage points to 65.6 %. The seasonally adjusted number of persons employed increased by 4,600.

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

Abbreviations:

GDP                Gross Domestic Product