August Unemployment Figures
The trend unemployment rate decreased from 5.4 per cent to 5.3 per cent in the month of August 2018, according to the latest figures released by the Australian Bureau of Statistics (ABS) today. ABS Chief Economist Bruce Hockman said that "since last August, the trend unemployment and underemployment rates have both fallen. As a result, underutilisation in Australia was at its lowest level since late 2013, at 13.6 per cent."
Trend employment increased by around 29,000 persons in August 2018 with full-time employment increasing by around 21,000 persons.
In August 2018, increases in trend employment were observed in all states and territories except for South Australia and the Northern Territory. The largest increases were in New South Wales (up 9,700 persons), followed by Victoria (up 7,700 persons) and Queensland (up 7,000 persons). Over the past year, increases in employment were observed in all states and territories. The largest increases were in New South Wales (up 138,800 persons), Victoria (up 80,200 persons), Queensland (up 56,300 persons), and South Australia (up 14,500 persons). The highest annual employment growth rates were in New South Wales at 3.6 per cent, followed by the Northern Territory at 3.0 per cent and Victoria at 2.5 per cent. For most states and territories, year-on-year growth in trend employment was above their 20 year average, except for Western Australia, Tasmania and the Australian Capital Territory. The largest monthly trend unemployment rate change was in Queensland (up 0.1 per cent to 6.3 per cent). The monthly trend participation rate increased in New South Wales (up 0.1 percentage point to 65.2 per cent) and Queensland (up 0.1 percentage point to 66.0 per cent). There were decreases in South Australia (down 0.1 percentage points to 62.5 per cent) and the Australian Capital Territory (down 0.1 percentage points to 70.4 per cent).
SOURCE: ABS - (http://abs.gov.au/AUSSTATS/abs@.nsf/allprimarymainfeatures/6599071A002DF2FBCA2583290010350C?opendocument)