Unemployment in Australia

Australia Unemployment | Economic News & Forecasts

Australia - Unemployment

Lockdowns weigh on Australia’s labor market in October

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.

Australia - Unemployment Data

2015   2016   2017   2018   2019  
Unemployment Rate6.1  5.7  5.6  5.3  5.2  

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Australia Unemployment Chart

Australia Unemployment
Note: Unemployment in % of active population.
Source: Australia Bureau of Statistics and FocusEconomics calculations.

Australia Facts

Value Change Date
Bond Yield1.371.47 %Dec 31
Exchange Rate0.700.05 %Dec 31

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