Australian Bureau Of Statistics Reported Lowest Unemployment Rate Since Early 2012

  • Nov 15, 2018 AEDT
  • Team Kalkine
Australian Bureau Of Statistics Reported Lowest Unemployment Rate Since Early 2012

The Australian dollar lifted further to US72.72¢ on 15 November 2018 after Australian Bureau of Statistics (ABS) released its October employment figures which showed that the trend unemployment rate fell from 5.2 percent to 5.1 percent in the month of October 2018 while the trend participation rate remained steady at 65.6 percent. The unemployment rate is a portion of the labor force that is jobless, and it is a key measure used by economists to judge the health of an economy. As per Chief Economist for the ABS Mr. Bruce Hockman, the reduction in the trend unemployment to 5.1 percent marks the lowest unemployment rate since early 2012.

Further, Mr. Hockman also said that of the 20,300 average monthly increase in employed full-time persons over the past 25 months, New South Wales contributed 35.9 percent, Victoria 30.5 percent, Queensland 16.5 percent, and Western Australia 12.1 percent and the contribution of the other states and territories were largely flat.

In the October month, the Australian economy added 32.8k jobs providing evidence that the labour market is getting tighter. As per the ABS data, during the October month employment increased by 25,400 persons to 12,665,800 persons and unemployment decreased by 7,600 persons to 680,300 persons. ABS Data shows that the monthly hours worked in all jobs increased by 3.6 million hours (0.2 percent) to 1,761.8 million hours and the monthly trend underemployment rate remained steady at 8.3 percent. Further, the monthly seasonally adjusted underemployment rate and underutilization rate remained steady at 8.3 percent and 13.3 percent, respectively.  Over the past year, trend employment increased by 285,900 persons or 2.3 percent, which was above the average year-on-year growth over the past 20 years (2.0 percent). Last week, the Reserve Bank of Australia upgraded its assessment of the labour market, tipping the jobless rate to fall to 4.75 percent in 2020.

In September month, ABS reported that Australia’s unemployment rate decreased to its lowest since 2016 as it dropped to 5% mainly driven by the substantial decline in the number of people actively looking for work. While discussing the September month’s unemployment data the Federal Treasurer Mr. Josh Frydenberg said that the downfall in the unemployment rate is something to celebrate. In the September month, ABS reported that the employment increased 32,800 persons to 12,671,500 persons and the Full-time employment increased 42,300 persons to 8,703,700 persons while the part-time employment decreased 9,500 persons to 3,967,900 persons.

Recently the reserve bank of Australia forecasted that the unemployment rate might reach 5.5 percent in the December quarter and then it could decline to 5.25 percent by June 2019.


Disclaimer

The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

 

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK