Unemployment in Australia
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
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 7, 2021
At its monetary policy meeting on 7 December, the Reserve Bank of Australia (RBA) decided keep the cash rate unchanged at the all-time low of 0.10%, and stated it will continue purchasing government bonds at the rate of AUD 4 billion a week until at least mid-February next year, in order to maintain accommodative financing conditions. The decision was underpinned by moderate inflationary pressures, as well as the ongoing economic recovery amid a fast vaccine rollout.
December 3, 2021
Economic activity dropped 1.9% on a seasonally-adjusted quarter-on-quarter basis in Q3, contrasting the previous quarter's 0.7% expansion.
December 2, 2021
Retail sales climbed 4.9% in month-on-month seasonally-adjusted terms in October, which followed September's 1.3% increase and benefited from easing Covid-19 restrictions.
November 11, 2021
Seasonally-adjusted employment fell by 46,300 in October, following 141,100 jobs shred in September.
November 11, 2021
The business confidence index produced by National Australia Bank (NAB) improved to 20.8 points in October from 9.6 points in September.