Australia Unemployment August 2020

Australia

Australia: Unemployment rate drops unexpectedly in August thanks to soaring employment

September 17, 2020

Seasonally-adjusted employment surged by 111,000 in August, following a revised 119,200 jobs gain in July (previously reported: +114,700). August’s result was driven by a sharp surge in part-time employment and a sustained increase in full-time employment.

Meanwhile, the seasonally-adjusted unemployment rate fell to 6.8% in August, from July’s near 22-year high 7.5%. Moreover, the participation rate inched up from 64.7% in July to 64.8% in August. Meanwhile, the seasonally-adjusted underemployment rate remained stable at July’s 11.2%.

FocusEconomics panelists project the unemployment rate to average 8.0% in 2020, up 2.3 percentage points from last month’s estimate, and 7.3% in 2021.


Author: Massimo Bassetti, Senior Economist

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Australia Unemployment August 20 20

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


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