Unemployment rises for the first time in 10 months despite continuing jobs boom
2 years, 6 months ago

Unemployment rises for the first time in 10 months despite continuing jobs boom

ABC  

Australia's unemployment rate has ticked up to 3.5 per cent in August, from 3.4 per cent the month before. Key points: The unemployment rate rises for the first time since October 2021 ABS data show 33,500 jobs were added in August but workforce participation also rose More than three-quarters of a million Australians worked reduced hours last month due to illness It is the first time in 10 months, since October 2021, that the unemployment rate has increased. ANZ's senior economist Catherine Birch said some of the same factors were pushing many people into multiple jobs. "It's easier for people to find that additional job who aren't getting enough hours in their current job," she told The Business. " Low jobless rate 'won't persist forever' AMP senior economist Diana Mousina said that a fall in underemployment meant that the underutilisation rate remained unchanged at 9.4 per cent — its lowest level since 1982.

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History of this topic

Unemployment rate edges higher to 4.1 per cent in January as workforce participation hits record high
1 month ago

Unemployment rate edges higher to 4.1 per cent in January as workforce participation hits record high

ABC  

Australia's unemployment rate rose slightly to 4.1 per cent in January, from 4 per cent in December, as more people looked for a job or found work. "The rises in both the number of people employed and unemployed saw the participation rate rise by 0.1 percentage point, to a new record high," ABS head of labour statistics Bjorn Jarvis said. …

US unemployment claims hit 8-month low as consistent environment prevails job market
2 months, 3 weeks ago

US unemployment claims hit 8-month low as consistent environment prevails job market

Live Mint  

United States unemployment applications hit an eight-month low, reflecting the lower level of job cuts in the labour market, reported the news agency Bloomberg on Thursday, January 2. The continuing applications data, which represents a proxy for the number of people receiving benefits, also dropped to a three-month low of 1.84 million in the week ended December 21, 2024, reported …

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March
3 months, 1 week ago

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March

ABC  

Australia's unemployment rate fell to 3.9 per cent in November, down from 4.1 per cent in October. "The only downside to Australia's remarkably strong job market is that any hope of a near-term interest rate cut is over," said Callam Pickering, APAC economist at global job site Indeed. "Today's blockbuster November employment report seemingly pushes back — yet again — …

As unemployment rises, Labour looks set to crash into a jobs problem. How will it respond?
4 months, 1 week ago

As unemployment rises, Labour looks set to crash into a jobs problem. How will it respond?

The Independent  

Is Labour hurtling towards a jobs problem? The rate of unemployment among people aged 16 and above rose to 4.3 per cent over the July to September reporting period. Wage rises have certainly continued to moderate; earnings excluding bonuses grew 4.8 per cent in the year to July to Sept 2024, the lowest since Apr to June 2022, when the …

Fresh warnings Australia's economy could be on path to recession
7 months ago

Fresh warnings Australia's economy could be on path to recession

ABC  

There are fresh warnings that Australia's economy is on a path toward a recession. Employers are seeing a surge of applicants as unemployment rate climbs to 4.2 per cent Photo shows Melbourne CBD people retail shopping The unemployment rate climbs to 4.2 per cent in July, despite data from the Australian Bureau of Statistics showing more than 58,000 people found …

Unemployment rate climbs to 4.2 per cent in July despite 58,000 people finding work
7 months, 1 week ago

Unemployment rate climbs to 4.2 per cent in July despite 58,000 people finding work

ABC  

The unemployment rate has climbed to 4.2 per cent in July — its highest level since November 2021 — as Australia's economy continues to slow down. "The unemployment rate rose to 4.2 per cent in July, with the number of unemployed growing by 24,000 people and employed by around 58,000. However, that competitive jobs market extends well beyond graduates — …

Unemployment rises again in July, reviving worries of a recession
7 months, 3 weeks ago

Unemployment rises again in July, reviving worries of a recession

LA Times  

People visit the California Employment Development Department office in Sacramento. U.S. job growth slowed sharply last month and the unemployment rate rose to a nearly three-year high of 4.3%, the latest sign of a cooling labor market, the government reported Friday. Employers added 114,000 jobs in July, well below economists’ projections and down from an average monthly gain of 215,000 …

Economists warn unemployment rate could rise above 5 per cent, with hundreds of applications for individual jobs
8 months ago

Economists warn unemployment rate could rise above 5 per cent, with hundreds of applications for individual jobs

ABC  

While the jobless rate has been slowly creeping higher, alarm bells are ringing about the potential for a big surge in unemployment. Dr Chapman warned there was a risk Australia's unemployment rate could peak above 5 per cent, which is well above current forecasts, by the end of next year. Jobless rate acceleration a matter of time The obvious question …

Unemployment edges up despite more than 50,000 extra jobs amid population and participation growth
8 months, 1 week ago

Unemployment edges up despite more than 50,000 extra jobs amid population and participation growth

ABC  

Australia's unemployment rate has continued to edge higher, despite the creation of about 50,000, mostly full-time, jobs. "The participation rate in June was only 0.1 percentage point lower than the historical high of 67.0 per cent in November 2023," he noted. "This, along with the continued high level of job vacancies, suggests the labour market remains relatively tight, despite the …

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia
9 months, 1 week ago

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia

ABC  

The Reserve Bank has kept interest rates on hold at 4.35 per cent. "Inflation has fallen substantially since its peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance," the Board said. RBA governor warns the narrow path is 'getting a bit narrower,' but doesn't expect a recession The RBA board …

Australia's unemployment rate declines to 4 per cent in May, presenting a 'goldilocks' scenario for Reserve Bank
9 months, 1 week ago

Australia's unemployment rate declines to 4 per cent in May, presenting a 'goldilocks' scenario for Reserve Bank

ABC  

Australia's headline unemployment rate was 4 per cent in May, down 0.1 percentage points from April. However, ABS data show the "trend" unemployment rate — which looks through the more volatile seasonally adjusted monthly figure — picked up slightly in May, from 3.9 per cent to 4 per cent. "At 4 per cent, the unemployment rate is spot on the …

Australia's unemployment rate rises to 4.1 per cent in April
10 months, 1 week ago

Australia's unemployment rate rises to 4.1 per cent in April

ABC  

Australia's headline unemployment rate rose to 4.1 per cent in April, up 0.2 percentage points from March. "This suggests that the labour market remains tight, though less tight than late 2022 and early 2023," said Bjorn Jarvis, ABS head of labour statistics. "The bank will therefore be pleased that overall hours worked fell by 0.8 per cent year-on-year, the first …

Unemployment rises again, taking shine off UK’s emergence from recession
10 months, 1 week ago

Unemployment rises again, taking shine off UK’s emergence from recession

The Independent  

After all the excited chatter about Britain’s recovery from shallow recession, we’re back to earth with a bump. It is true that private sector pay rises declined a little, to 5.9 per cent, but the ONS cited an early estimate for April of 6.9 per cent pay growth – thanks in no small part to the scheduled increase in the …

Jobs market 'incredibly tight' despite rise in unemployment
11 months, 1 week ago

Jobs market 'incredibly tight' despite rise in unemployment

ABC  

Australia's headline unemployment rate increased slightly to 3.8 per cent in March, after employment fell by 7,000 people and unemployment rose by 21,000 people. "Despite a small drop in employment, Australia's labour market remains incredibly tight," said Callam Pickering, APAC senior economist at global job site Indeed. "The easing in the labour market since late 2022 is most evident in …

Can Australia pull off the once-impossible with jobs and inflation?
11 months, 3 weeks ago

Can Australia pull off the once-impossible with jobs and inflation?

ABC  

At least, that's the thinking of a growing number of the world's greatest minds as they ponder the thorny subject of chucking people on the unemployment scrap heap. Instead, it's been replaced by the "Non Accelerating Inflation Rate of Unemployment" or the NAIRU, the elusive level of despairing workers that will keep prices in check. Michele Bullock's worst fears were …

Jobs surge sees unemployment rate tumble back to 3.7 per cent
1 year ago

Jobs surge sees unemployment rate tumble back to 3.7 per cent

ABC  

In short: An additional 116,500 Australians were employed in February, the biggest monthly jobs gain on record, outside of the pandemic period. The unemployment rate has dropped back to 3.7 per cent with more than 116,000 extra Australians in employment last month, compared with January, according to seasonally adjusted data from the Australian Bureau of Statistics. "With employment growing by …

Does the surprise fall in unemployment mean the Albanese government's 'full employment' ambitions are working?
1 year ago

Does the surprise fall in unemployment mean the Albanese government's 'full employment' ambitions are working?

ABC  

The unemployment rate fell to 3.7 per cent in February, from 4.1 per cent in January. Government releases new definition of 'full employment' Photo shows Federal Treasurer Jim Chalmers speaking to media The federal government releases new a definition of "full employment" to reflect the modern labour market, saying it needs to be conscious of underemployment. The RBA thinks we'll …

RBA leaves door open to interest rate cuts and rises as unemployment risks rise
1 year ago

RBA leaves door open to interest rate cuts and rises as unemployment risks rise

ABC  

What a difference six weeks makes. Economists and traders expect the US Federal Reserve to lead off a global round of interest rate cuts, but recent economic data suggests the RBA should beat them to it. CBA's head of Australian economics Gareth Aird points out that the RBA board made seven references to "uncertainty" in its one-page post-meeting statement, up …

Unemployment jumps 'quite sharply', passing 4 per cent with scarcely any jobs added in January
1 year, 1 month ago

Unemployment jumps 'quite sharply', passing 4 per cent with scarcely any jobs added in January

ABC  

In short: The unemployment rate rose to 4.1 per cent in January, from 3.9 per cent in December. "This was the first time in two years, since January 2022, that the unemployment rate had been above 4 per cent," noted the bureau's head of labour statistics Bjorn Jarvis. Treasurer Jim Chalmers said the rise in the unemployment rate was an …

Unemployment rate remains at 3.7 per cent in August, as employment grows by 65,000
1 year, 6 months ago

Unemployment rate remains at 3.7 per cent in August, as employment grows by 65,000

ABC  

Australia's unemployment rate has remained at 3.7 per cent for August, with employment increasing by 64,900 people and unemployment declining by 2,600 people. Key points: The participation rate hit a new record high of 67 per cent in August The unemployment rate remained at 3.7 per cent Employment increased by 64,900, while official unemployment declined by 2,600 Australian Bureau of …

UK wages rise at record rate as unemployment jumps unexpectedly
1 year, 8 months ago

UK wages rise at record rate as unemployment jumps unexpectedly

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Office for National Statistics revealed that average regular pay, not including bonuses, was …

The jobs market is strong for now, but unemployment will be the last indicator of recession
1 year, 9 months ago

The jobs market is strong for now, but unemployment will be the last indicator of recession

ABC  

The latest unemployment numbers had a lot of us scratching our heads — economists, journalists, financial traders, possibly even the statisticians themselves. After more than a year of interest rate rises at the fastest pace in recent history, all while Australians hold more debt than they ever have before, employers added close to 76,000 extra staff pushing unemployment back down …

US hiring jumped last month. So did unemployment. Here’s what that says about the economy
1 year, 9 months ago

US hiring jumped last month. So did unemployment. Here’s what that says about the economy

Associated Press  

WASHINGTON — The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool. The strong, steady job growth of the past several months shows that the economy remains in solid shape despite the Fed’s interest rate hikes, …

The employment tide has turned, and top economists have a stark warning for all workers
1 year, 10 months ago

The employment tide has turned, and top economists have a stark warning for all workers

ABC  

One thing will separate Australians who really struggle later this year from those who won't and economists are trying to get the word out. "With employment dropping by around 4,000 people and the number of unemployed increasing by 18,000 people, the unemployment rate rose to 3.7 per cent," said Bjorn Jarvis, head of labour statistics at the ABS. The investment …

UK unemployment rises unexpectedly as economic outlook weighs on jobs market
1 year, 11 months ago

UK unemployment rises unexpectedly as economic outlook weighs on jobs market

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But the figures also showed a rise in the …

Unemployment rate jumps from 3.5 per cent to 3.7 per cent in January figures
2 years, 1 month ago

Unemployment rate jumps from 3.5 per cent to 3.7 per cent in January figures

ABC  

Australia's unemployment rate has increased from 3.5 per cent to 3.7 per cent according to last month's figures, in seasonally adjusted terms. "January is the most seasonal time of the year in the Australian labour market, with people leaving jobs but also getting ready to start new jobs or return from leave," Mr Jarvis said. David Bassanese, the chief economist …

Australia's economy recovered in 2022, will it crash in 2023?
2 years, 3 months ago

Australia's economy recovered in 2022, will it crash in 2023?

ABC  

Despite the odds, Australia largely withstood the global economic hurdles of 2022. "I think that's going to be the big story for next year, how much further for rates, how long do they hold and how quickly do we see the pricing dynamics and inflation ultimately being consistent with 2 to 3 per cent. "I think the unemployment rate's going …

Deutsche Bank forecasts Australia will enter a recession in 2023, following an expected rise in unemployment
2 years, 4 months ago

Deutsche Bank forecasts Australia will enter a recession in 2023, following an expected rise in unemployment

ABC  

If investment firm Deutsche Bank's forecasts hold true, Australia will enter a recession next year. Key points: Deutsche Bank expects Australia's unemployment rate to rise by one percentage point to 4.5 per cent by the end of 2023 The RBA's unemployment forecast for the end of 2023 is much lower, at 3.7 per cent A one percentage point drop qualifies …

Are you excluded from the unemployment figures?
2 years, 6 months ago

Are you excluded from the unemployment figures?

ABC  

We got two bits of interesting news about the labour market last week. It occurred because more people joined the labour force to look for work last month, to fight over those vacancies, but a minority of them weren't lucky enough to find work so they were officially counted as "unemployed." You get the unemployment rate by taking all of …

Long-term unemployment is falling rapidly, and it's changing lives
2 years, 7 months ago

Long-term unemployment is falling rapidly, and it's changing lives

ABC  

The labour market hasn't been this tight in decades. In October last year, when the national unemployment rate was still 5.2 per cent, there were 183,400 people in long-term unemployment. But the unemployment rate is now 3.4 per cent, a level last seen in the early 1970s, and the number of people in long-term unemployment has dropped by 55,500. Well, …

Unemployment falls again to a new low, but the cause of the fall is not good news
2 years, 7 months ago

Unemployment falls again to a new low, but the cause of the fall is not good news

ABC  

The official unemployment rate fell to 3.4 per cent in July from 3.5 per cent the month before. Key points: Unemployment falls from 3.5 per cent in June to 3.4 per cent in July An estimated 40,900 jobs were lost in July, the first fall in employment since October 2021 The fall in the jobless rate was caused by a …

Unemployment may soon dip below 3 per cent and is set to stay below 5 per cent for years to come
2 years, 7 months ago

Unemployment may soon dip below 3 per cent and is set to stay below 5 per cent for years to come

ABC  

Unfathomably, Australia's unemployment rate has sunk to 3.5 per cent. In the years before COVID, typically 3 per cent of the workforce worked less than usual hours in any given week as a result of illness or injury. In the half century we have been collecting modern employment statistics, unemployment has shot up dramatically three times: in the mid-1970s, when …

The unemployment rate fell to 3.5%, matching its lowest level in the last 50 years
2 years, 7 months ago

The unemployment rate fell to 3.5%, matching its lowest level in the last 50 years

NPR  

The unemployment rate fell to 3.5%, matching its lowest level in the last 50 years U.S. employers added more than half a million jobs in July: more than twice as many as forecasters had expected. We are getting some mixed signals in the economic data, but Daniel Zhao, who's with the job search website Glassdoor, says the job market just …

An unemployment rate of 2.9 per cent? Some economists think it's possible. But then what happens?
2 years, 7 months ago

An unemployment rate of 2.9 per cent? Some economists think it's possible. But then what happens?

ABC  

The Reserve Bank is expected to lift interest rates again this week, following this month's increase. But bank economists say there's enough strength in the labour market to suggest that the unemployment rate could keep falling from here, even with the RBA lifting interest rates relatively quickly. And last week, economists from ANZ said the unemployment rate could fall further …

Australia’s central bank says interest rates too low after hikes
2 years, 8 months ago

Australia’s central bank says interest rates too low after hikes

Al Jazeera  

Reserve Bank of Australia suggests benchmark rate still too low as unemployment dips to lowest level in nearly 50 years. Australia’s central bank has signalled the need for higher interest rates to tame rising inflation, despite recent rate hikes, as unemployment drops to its lowest level in nearly 50 years. The Reserve Bank of Australia sees the current benchmark rate …

One unemployed person per vacant job: Has Australia finally hit full employment?
2 years, 8 months ago

One unemployed person per vacant job: Has Australia finally hit full employment?

ABC  

Australia's unemployment rate is 3.5 per cent, and it hasn't been this low since August 1974. But even accounting for those realities, he said full employment would see far more people in jobs than existed in the wasteful inter-war years, when 10 per cent of the workforce was frequently without work. But a few years later, after full employment had …

With inflation rising and talk of a possible recession, Australia's low unemployment rate may not be cause for celebration
2 years, 8 months ago

With inflation rising and talk of a possible recession, Australia's low unemployment rate may not be cause for celebration

ABC  

Have you ever had the "tap on the shoulder"? So why raise this idea when this week Australia's unemployment rate fell to 3.5 per cent — the lowest level since 1974? "We think a relatively large rise in unemployment over a short period of time is a more useful definition of recession for Australia than the 'accepted' definition of two …

Unemployment plunges to 3.5 per cent, with nearly 90,000 jobs added in June
2 years, 8 months ago

Unemployment plunges to 3.5 per cent, with nearly 90,000 jobs added in June

ABC  

Australia's official unemployment rate has dropped to 3.5 per cent, with an estimated 88,400 jobs added to the economy last month. Key points: The unemployment rate has fallen from 3.9 to 3.5 per cent This is the lowest official jobless rate recorded since August 1974 Job vacancies remain high, with almost one available position for every officially unemployed person This …

Australia’s unemployment rate drops to lowest since 1974
2 years, 10 months ago

Australia’s unemployment rate drops to lowest since 1974

Al Jazeera  

Australia’s unemployment rate has hit its lowest point in almost 50 years, giving a potential boost to Prime Minister Scott Morrison’s reelection prospects days out from a closely fought vote. The country’s jobless rate stood at 3.9 percent in April, the lowest since 1974, Australian Bureau of Statistics figures showed on Thursday. The strong employment figures are likely to heap …

Unemployment rate down, but does that mean more jobs created? Data suggest otherwise
3 years, 1 month ago

Unemployment rate down, but does that mean more jobs created? Data suggest otherwise

India Today  

The Covid-19 pandemic severely hit the job market in 2020. The unemployment rate dropped to 6.6 per cent in January 2022, which is lower than the pre-pandemic levels of 7.2 per cent in January 2020. The labour force participation rate fell from 40.9 per cent in December 2021 to 39.9 per cent in January 2022. These two ratios show the …

The unemployment rate is falling quickly. This 'special formula' explains why
3 years, 1 month ago

The unemployment rate is falling quickly. This 'special formula' explains why

ABC  

Want to see the unemployment rate drop quickly? The "labour force framework" shows show how closed borders have impacted the unemployment rate, writes Gareth Hutchens. However, the unemployment rate will go down by much more when you boost employment by drawing on the pool of unemployed people. Notice how, when the pool of unemployed people shrinks to feed the growth …

Low unemployment risks high inflation and the RBA has to decide its next move
3 years, 1 month ago

Low unemployment risks high inflation and the RBA has to decide its next move

ABC  

If you told someone a year ago unemployment was about to dive below 5 per cent, to just above 4 per cent, they wouldn't have believed you. Asked when the unemployment rate might eventually even touch 5 per cent, none nominated 2021. Photo shows a man at a podium According to the Reserve Bank, Australia's unemployment rate could fall to …

Treasury says nation could soon enjoy a wages boom — they just don't know when
3 years, 1 month ago

Treasury says nation could soon enjoy a wages boom — they just don't know when

ABC  

The federal government’s top economists admit they do not know when lower unemployment levels will finally trigger a wages boom, after a decade of stagnant wage growth. Key points: Treasury says it expected historic low unemployment levels to have already triggered wage growth The department does not know when the tipping point will be for a wages boom Officials remain …

Have closed borders pushed Australia’s unemployment rate down? This model shows they have
3 years, 1 month ago

Have closed borders pushed Australia’s unemployment rate down? This model shows they have

ABC  

Have our closed international borders helped to drive the unemployment rate down? We have to engage with the labour force framework Whenever we talk about the "unemployment rate", we must engage with the labour force framework that produces the number. Embedded in the concept of the "working-age population" and how it's linked to the "labour force" and how the labour …

How is the unemployment rate falling to such low levels? Is this normal?
3 years, 1 month ago

How is the unemployment rate falling to such low levels? Is this normal?

ABC  

OK, it's getting weird. According to the Reserve Bank, Australia's unemployment rate could fall to 3.75 per cent by the end of 2023. Fascinatingly, he said the unemployment rate could fall below 4 per cent this year, and it could be "around 3.75 per cent" by the end of 2023. So, when the unemployment rate declines, it's supposed to indicate …

Unemployment plunges as post-Delta economic recovery sees jobs boom
3 years, 2 months ago

Unemployment plunges as post-Delta economic recovery sees jobs boom

ABC  

A jobs boom after the Delta outbreak restrictions were lifted in Australia's south-east has seen unemployment plunge to just 4.2 per cent. Key points: Australia's unemployment rate is the lowest since August 2008 Underemployment fell sharply and hours worked rose 1 per cent The data from early December pre-dates the peak of Australia's Omicron outbreak The official ABS data show …

MYEFO is forecasting a long-awaited rise in wages, but it doesn't mean it will happen
3 years, 3 months ago

MYEFO is forecasting a long-awaited rise in wages, but it doesn't mean it will happen

ABC  

As New York Yankees catcher and amateur philosopher Yogi Berra once noted: "It's tough making predictions, especially about the future." Almost two years on from that fateful night — which preceded a global pandemic, the worst recession in nearly a century and a $311 billion Commonwealth stimulus package — there is still no surplus in sight, with ongoing deficits adding …

Forget the unemployment rate. Job seekers need better numbers
3 years, 4 months ago

Forget the unemployment rate. Job seekers need better numbers

ABC  

Every month, Australia's employment statistics are reported in ways that are framed for employers. Here's why the unemployment rate doesn't make sense Photo shows Queue at Centrelink Victoria Park Why aren't the monthly unemployment data presented in ways that help job seekers? Since the number of officially unemployed people increased as a proportion of the labour force, that's why the …

Why doesn't the unemployment rate make sense? Because it's not designed for you
3 years, 5 months ago

Why doesn't the unemployment rate make sense? Because it's not designed for you

ABC  

When you hear people talking about the unemployment rate, does the number ever make sense to you? Don't job seekers want to know how many jobs are actually available at the moment, and how many people are competing for each job? Don't they want to know how long it's taking to find a job in the current labour market? Now, …

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