August 15th 2024.
In recent news, it has been reported that Australia's unemployment rate has reached its highest point in over two years, according to official data released by the Australian Bureau of Statistics on Thursday. The numbers show that the unemployment rate has risen to 4.2 percent in July, up from 4.1 percent in June, which is the same level seen in November of 2021.
Experts in the field had predicted that the unemployment rate would remain steady at 4.1 percent in July, but the data has proven otherwise. The Australian Broadcasting Corporation, citing Xinhua news agency, stated that economists were taken aback by the increase in unemployment.
According to the ABS, there has been an increase of 58,200 employed Australians between June and July, bringing the total number to 14.46 million. However, there has also been a rise in the number of unemployed individuals, with 23,900 more people out of work in the same time frame, bringing the total to 637,100 - the highest since November of 2021.
As a result of this, the participation rate, which measures the number of working-age Australians who are either employed or actively seeking work, has risen from 66.9 percent in June to a record high of 67.1 percent in July. Kate Lamb, head of labour statistics at the ABS, explained that this increase in the participation rate indicates that there are many individuals who are actively searching for employment and finding success in their job search.
Lamb also mentioned that the employment-to-population ratio has increased by 0.1 percent to 64.3 percent, indicating that there has been a growth in employment that has outpaced population growth. This ratio is just below the record high of 64.4 percent seen in November of 2023.
She further stated that 4.2 percent of employed Australians worked reduced hours in July due to illness, which is similar to the levels seen in May and June. This is also higher than the five-year pre-COVID July average of 3.6 percent. This suggests that there are still some impacts of the pandemic on the workforce, but the overall numbers show a strong employment rate in the country.
In conclusion, the record high participation rate and near record high employment-to-population ratio demonstrate that there are many Australians who are actively seeking employment and finding success. This is a positive sign for the economy, and although there are still some impacts from the pandemic, the overall numbers show a strong job market in the country.
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