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The Australian Bureau of Statistics has released the labour force figures for the month of January. The data indicates that the country's jobs environment is better than anticipated.
65,400 full-time jobs were added in January; at the same time part-time employment fell by 26,300. On a net basis, a total of 39,100 jobs were added during January 2019; the market was estimating total job addition of 15000. The count of employed people increased to ~8.74 million.
Compared to January 2018, full time employed persons count increased by 236,100 and part-time employed persons increased by 35,200 and on a trend estimates basis the part-time share over 12 months changed from 31.6 percent to 31.5 percent.
Source: http://www.abs.gov.au/ausstats/[email protected]/mf/6202.0
The reason for these net changes in employment is the extensive dynamic change, which happens each month in the labour market. In recent months, there have generally been around 300K people entering employment, and about 300K leaving unemployment. This effect is heightened during the December-January period. Also, a further dynamic change in the hours that people work has been observed, which contributed to variations in the full-time and part-time composition of employment.
The unemployment rate has managed to remain steady at 5.0% in January 2019. On an absolute basis, the number of unemployed persons increased by 6.6k to 673.5K persons. However, the unemployment rate is trending downwards for the past five years, as seen in the chart.
Source: http://www.abs.gov.au/ausstats/[email protected]/mf/6202.0
The underemployment rate managed to decrease by 0.2 pts to 8.1%, and the underutilization rate fell by 0.1 pts to 13.2%.
The trend participation rate for 15-64-year-olds (this group in effect controls the ageing population) increased less than 0.1 pts to 78.2%. It has been previously noted that the gap between the male and female participation rate has been converging over a long-time frame and the same is reflected in the data published with a gap between male and female participation rates in this age range being less than 10 pts, at 82.9% and 73.5% respectively.
The trend participation rate for the youth group, that is for 15-24-year-olds, increased by 0.1 pts to 68.0%. The unemployment rate for the youth remained flat at 11.4% in January 2019 and showed a marginal decrease of 0.9 pts over the year.
State and Territory estimates:
The labour force figures for the state and territory suggests that the most significant increase in employment was in New South Wales with an increase of 47,200 persons, followed by Victoria with an increase of 2,200 persons and Western Australia up by 800 persons.
The job scenario was not so bright for Queensland which saw the most significant drop in employment with a reduction of 19,900 persons, followed by South Australia with a decline of 4,500 persons.
Tasmania saw an increase in unemployment rate from 6.9% to 7.0%, Western Australia from 6.4% to 6.8%, Victoria from 4.1% to 4.5% and South Australia (up 0.3 pts to 6.3%). Decreases in the unemployment rate were observed in New South Wales which saw a drop of 0.4 pts to 3.9% and Queensland drop of 0.1 pts to 6.0%.
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