Unemployment in Australia
Australia - Unemployment
Unemployment rate falls in October
Seasonally-adjusted employment increased by 32,200 in October, following 3,800 jobs shed in September. October’s result was driven by an increase in full-time employment more than offsetting a decline in part-time employment.
Meanwhile, the seasonally-adjusted unemployment rate fell to 3.4% in October from 3.5% in September. Meanwhile, the participation rate was steady at September’s 66.6%, as did the seasonally-adjusted underemployment rate, unchanged from September’s 6.0% in October.
Commenting on the release, Robert Carnell, economist at ING, stated:
“It is difficult to see how the labour market is going to tighten significantly further from here. This month may be one of the last to show solid employment gains, though we may need to wait until early 2023 for softening to become more apparent and for the unemployment rate to start nosing higher.”
FocusEconomics panelists project the unemployment rate to average 4.0% in 2023, down 0.1 percentage points from last month’s estimate, and 4.3% in 2024.
Australia - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Australia Unemployment Chart
Source: Australia Bureau of Statistics and FocusEconomics calculations.
|Bond Yield||1.37||1.47 %||Dec 31|
|Exchange Rate||0.70||0.05 %||Dec 31|
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December 2, 2022
Retail sales fell 0.2% in month-on-month seasonally-adjusted terms in October, contrasting September’s 0.6% increase. Looking at the details of the release, department store sales, household goods retailing, and clothing and footwear sales contracted, as did cafes, restaurants and takeaway food services sales.
November 17, 2022
Seasonally-adjusted employment increased by 32,200 in October, following 3,800 jobs shed in September.
November 9, 2022
The Westpac-Melbourne Institute consumer sentiment index decreased to 80.0 in November from 83.7 in October.
November 9, 2022
The business confidence index produced by National Australia Bank (NAB) dropped to 0.2 in October from 4.5 in September.
November 4, 2022
Retail sales expanded 0.6% in month-on-month seasonally-adjusted terms in September, matching August’s increase. Looking at the details of the release, food retailing and clothing and footwear sales expanded, as did cafes, restaurants and takeaway food services sales.