Australia Unemployment October 2021

Australia

Australia: Lockdowns weigh on Australia's labor market in October

November 11, 2021

Seasonally-adjusted employment fell by 46,300 in October, following 141,100 jobs shred in September. October’s result was driven by a decrease in both part-time and full-time employment.

Meanwhile, the seasonally-adjusted unemployment rate rose to 5.2% in October, from September’s 4.6%, marking the highest reading in six months. Moreover, the seasonally-adjusted underemployment increased from 9.2% in September to 9.5% in October. However, the participation rate rose to 64.7% from September’s 65.2%.

Commenting on the release, Robert Carnell, Asia-Pacific regional head of research at ING, stated:

“For one thing, Australia's employment numbers are almost certainly still reflective of earlier lockdowns. With vaccination rates in NSW and Victoria, the two biggest states passing 80%, the roadmap to re-opening is now underway and we should see employment numbers surge in the coming months as layoffs return to work.”

FocusEconomics panelists project the unemployment rate to average 5.0% in 2022, down 0.1 percentage points from last month’s estimate, and 4.9% in 2023.


Author: Massimo Bassetti, Senior Economist

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Australia Unemployment Chart


Australia Unemployment October 2021

Note: Seasonally-adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.


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