AUS
NZ
UK
CA
USA
IND
Highlights
- In October 2021, unemployment rate in Australia rises to 5.2%.
- Employment decreases to 12,835,200.
- Employment to population ration falls to 61.3%.
The Australia Bureau of Statistics released the Labour Force statistics on 11 November 2021 which suggested, in October 2021, the country has suffered a substantial fall of 46,300 people (0.4%) in the employment level.
Also, the unemployment rate has risen by 0.6 points to 5.2%.
As per ABS report, the national participation rate rose by 0.1 percentage points to reach 64.7% in October but this is 1.6 percentage points below May.
The primary cause of the fall in the employment rate was the decline in employment of 49,600 or 1.5% in Victoria. On the other hand, this has partially given rise to the growth in employment in New South Whales by 21,700 or 0.6% as the business confidence went up.
As per the ABS stats, the level of unemployment in the country increased by 81,800 or 13.1% over the month. The seasonally adjusted unemployment rate has risen by 0.6% resulting in 5.2% in October.
The figures also stated that in the goven period, the employment-to-population ratio fell by 0.3 points to 61.3%. this is lesser than March 2020 by 1.1 points.
However, looking at the brighter side, the unemployment rate was much lower than in March 2020, when Australia was hit badly by the COVID-19 pandemic.
ABS also shared that the decrease in the employment rate in October didn’t result in more unemployment rates. Instead, people had joined the labour force, increasing the participating rate by 0.1% resulting in 64.7%.
Bottom line:
As the third wave of COVID-19 severely attacked Australia, the country has experienced a fall in the national employment rate. However, with the increase in vaccination and ease in COVID-19 restriction, the nation seemed to have pulled its socks representing a good number of participation.
