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Australia Unemployment January 2024

Australia: Unemployment rate rises in January

Seasonally-adjusted employment rose by 500 in January, following 62,800 jobs shed in December. January’s result was driven by an increase in full-time employment more than offsetting a decrease in part-time employment.

The seasonally-adjusted unemployment rate rose to 4.1% in January from 3.9% in December. Meanwhile, the seasonally-adjusted underemployment rose to 6.6% from December’s 6.5%, while the participation rate remained stable at December’s 66.8%.

Commenting on the release, Lee Sue Ann, economist at UOB, stated:

“Our outlook for the labour market is largely unchanged with the unemployment rate expected to rise to around 4.5% by end-2024. A significant degree of tightness in the labour market has faded but the unemployment rate is still low and forward-looking indicators of labour demand remain healthy. Wage growth is expected to peak at around 4%, strongest pace since 2009, before declining gradually as labour market conditions ease.”

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