mme | employment market experts’ Post

Finding facts so you don't have to: In February 2024, the unemployment rate officially went back to levels not seen since September last year [dropped back to 3.7%]. The ABC reported last Thursday: - over the past three months, an average of 23,000 jobs per month had been created. - the population is growing much faster. - that means Australia needs to be creating even more jobs to stop unemployment edging higher. - around 35,000 jobs each month to keep the unemployment rate steady. Elisia Coetzee #unemployment #abs #populationgrowth

In May 2024, Australian ‘real’ unemployment dropped 170,000 to 1,365,000 (down 1% to 8.7% of the workforce) as overall employment increased to a new record high above 14.3 million. In addition to the decrease in unemployment, there was also a welcome decrease in under-employment, down 256,000 to 1,338,000. These combined decreases mean 2.7 million Australians (17.2% of the workforce, up 1%) were unemployed or under-employed in May – the lowest level of total labour under-utilisation for over a year since April 2022 (2.63 million). #AustralianEmployment #UnemploymentRate #UnderEmployment #WorkforceStatistics Read More: https://ow.ly/lf0M50ShEhe

In February 2024 Australian ‘real’ unemployment was virtually unchanged at 1,436,000 (9.2% of the workforce) and an additional 1,501,000 (9.6%) were under-employed. In total a massive 2.94 million Australians (18.8%) were unemployed or under-employed in February. Although unemployment and under-employment remain high, there has been a surge in employment over the last year – up by 711,000 to 14,228,000 – the first month total employment has exceeded 14.2 million. The February Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+. A person is classified as unemployed if they are looking for work, no matter when. The ‘real’ unemployment rate is presented as a percentage of the workforce (employed & unemployed). #unemployed #workforce #Economy Read More: https://ow.ly/J7oR50QWkVA

In January 2024 Australian ‘real’ unemployment was virtually unchanged at 1,382,000 (8.9% of the workforce) and an additional 1,618,000 (10.4%) were under-employed. In total a massive 3 million Australians (19.3%) were unemployed or under-employed in January. Although unemployment and under-employment remain high, there has been a surge in employment over the last year – up by 732,000 to 14,150,000. This is the largest annual increase in employment since the end of the COVID-19 pandemic. The January Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+. A person is classified as unemployed if they are looking for work, no matter when. The ‘real’ unemployment rate is presented as a percentage of the workforce (employed & unemployed). #unemployment #UnderEmployment #workforce Read More: https://shorturl.at/lqtI9

📊 Unemployment Rate Update 🔸 The unemployment rate increased to 4.2% in July, up from 4.1% in June, as the participation rate hit a record 67.1%, driven by an influx of migrants and more locals re-entering the job market. 🔸 Despite more jobseekers, the unemployment rate has risen from a multi-decade low of 3.5% in 2022. The Reserve Bank of Australia remains firm on maintaining current interest rates due to persistent inflation concerns. 🔸 Nearly half of the 360,000 new jobs in the past year were in publicly funded sectors, while private sector hiring has slowed, with only 39% of employers recruiting as of June - the lowest since the 2021 pandemic lockdown. #Economy #Unemployment #JobMarket

📈 Australia's Unemployment Rises Slightly to 3.8% in March In a slight uptick, Australia's unemployment rate increased to 3.8% in March, up from 3.7% the previous month, as reported by the Australian Bureau of Statistics (ABS). The adjustment, reflecting a decrease of 7,000 jobs and an increase in unemployed individuals by 21,000, signals a return to a more typical employment pattern after February's unusual job surge. Despite this, the employment-to-population ratio and participation rate remain strong, close to record highs set in November 2023. 🌏 Regional and Sectoral Employment Trends Regionally, the Australian Capital Territory recorded the lowest unemployment rate at 2.9%, contrasting with Queensland and Victoria, both at 4.1%. The ABS highlights a national labour market that, while slightly retracting, continues to exhibit signs of resilience and stability, particularly in full-time employment sectors. 🚀 Business Response to Labour Market Changes Businesses are adjusting to the shifting labour landscape by focusing on retention and optimizing full-time employment opportunities, particularly in sectors experiencing skill shortages. Andrew McKellar, CEO of the Australian Chamber of Commerce and Industry, notes that the growth in full-time jobs to 9,853,800 individuals in March points to an increasingly stable labour market, encouraging businesses to adapt hiring and retention strategies to secure the necessary talent. #UnemploymentRate #LabourMarket #EmploymentTrends

Australia's unemployment rate sharply dropped to 3.7% in February, down from 4.1% in January, according to the Australian Bureau of Statistics. This fall came after 116,000 new jobs were created in February, with two-thirds of these being full-time positions. ABS's head of labour statistics Bjorn Jarvis said this surge in employment brought the unemployment rate back to its level six months ago. “The large increase in employment in February followed larger-than-usual numbers of people in December and January who had a job that they were waiting to start or to return to. This translated into a larger-than-usual flow of people into employment in February and even more so than February last year,” he said (see graph). #property #propertyinvestment #realestate ——— Want to build a wealth-generating property portfolio? We can help you buy high cash flow and growth properties around Australia using our data-driven strategy. Book a Discovery Call today to get started: https://lnkd.in/g-4gFY9P

Unemployment in Australia rose to 4.1% in April. Despite this, the employment-to-population ratio remained stable at 64.0%, indicating that recent employment growth aligns with population expansion. This suggests a somewhat less restrictive labor market compared to late 2022 and early 2023. https://lnkd.in/dm3NytqZ #AustralianEconomy #UnemploymentRate

Australia posted its first clearly negative labour force numbers since 2020 in December. While the headline unemployment rate remained at 3.9%, some of the underlying numbers were pretty soft. For the month of December 2023: 🧑🏼💻 Unemployment was 3.9% (↔️) 🧑🏼💻 Participation slipped to 66.8% (⬇️ 0.4%) 🧑🏼💻 14,201,100 people were employed (⬇️ 65,100) 🧑🏼💻 573,600 people were unemployed (⬇️ 800) The big story here is the large fall in the number of Australian's with jobs, wiping out some of the outsized growth we saw in October and November. While I suspect that some of this swing is just noise as the ABS's seasonal model struggles to adapt to structural changes in the Australia economy, it also foreshadows an inevitable turnaround in employment that should play out through 2024. We'll need a few more print to cement a clear turnaround, but the writing is now on the wall in nice thick ink. Through 2024, we should see the unemployment rate creep up as labour force growth pushes up against slowing demand for workers. I expect we'll end the year somewhere in the 4.5% to 5.0% range, assuming the RBA stays the course and keeps rates at current levels through the year. The other big trend that is becoming clear in the data is the waning popularity of full-time employment. This trend has been clear since mid last year, but stands out strongly this month, with full-time positions reducing by 106k places, while part-time employment rose by 41k places. It's worth noting that the sample rotation was pretty even and didn't have a significant impact. slightly weaker this month, but clearly not the cause of the big swing in total employment. #australianeconomy #unemployment #labourmarket #heretohelp

Great news for South Australia! The latest report shows a continued decline in unemployment rates. Unemployment in South Australia is now below the national average after falling for the second consecutive month to 3.6 per cent in August. This positive trend highlights the region's economic resilience and potential for growth. #SouthAustralia #UnemploymentRate #EconomicGrowth https://lnkd.in/gRA3qn5D