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Highlights:
- Even after the creation of 900 additional jobs in September, the unemployment rate remained at 3.5% for the month in Australia.
- As per the Australian Bureau of Statistics, employment rose marginally by around 1,000 people and the number of unemployed rose by 9,000.
- The participation rate declined a bit for women to 62.3%, while it remained steady for men at 71%.
The Australian Bureau of Statistics (ABS), on 20 October 2022, shared the labour force figures for the month of September. According to the ABS release, the seasonally adjusted unemployment rate remained steady at 3.5% in September 2022.
Other key highlights from the ABS release
In seasonally adjusted terms:
- The unemployment rate stayed steady at 3.5%.
- The underemployment rate stayed at 6%.
- The employment-to-population ratio declined to 64.2%.
- The participation rate stood at 66.6%.
- Monthly hours worked fell to 1,853 million.
Unemployment in September
As per the ABS, on the seasonally adjusted front, while the unemployment rate stood stable at 3.5%, it was 1.7 percentage points below March 2020. While the number of unemployed people rose by 8,800 to 499,400, the number was 214,200 lower than that in March 2020. The youth unemployment rate fell to 7.9%, which, as per the ABS, was 3.7 percentage points lower than it was in March 2020.
What about employment?
In September 2022, employment rose by 900 people to 13,590,800 people. This was 596,000 people or 4.6% higher than March 2020. The ABS reported that full-time employment rose by 13,300 people to 9,478,400 people, while part-time employment fell by 12,400 to 4,112,400 people.
The employment-to-population ratio declined to 64.2%, higher than the March 2020 ratio by 1.8 points.
According to the ABS, on the seasonally adjusted front, monthly hours worked in September fell by 0.6 million hours to 1,853 million hours compared with August 2022, although it was 86 million hours more than in March 2020.
Participation – men versus women
The ABS’ figures suggest that in September 2022 the participation rate stayed steady at 71% for men, whereas it declined to 62.3% for women.
What about underemployment?
In September 2022, the underemployment rate stayed at 6% and underutilisation rate increased to 9.6%.
