July 18th 2024.
Australia's unemployment rate has slightly risen from 4 per cent to 4.1 per cent in June, despite the number of job vacancies staying at a high level. According to the latest data from the Australian Bureau of Statistics, there were 10,000 more people without jobs in June compared to the previous month. However, there was a positive increase of 50,000 people employed, which resulted in a rise in the workforce participation rate to 69.9 per cent.
In a statement, ABS head of labour statistics Bjorn Jarvis noted that the participation rate in June was only 0.1 percentage point lower than the record high of 67.0 per cent in November 2023. This shows that there is still a strong interest and eagerness among Australians to actively participate in the workforce.
Even though there has been a steady increase in unemployment since October 2022, it is still at a relatively low level compared to previous years. In fact, it is around 100,000 people or 14.2 per cent lower than before the COVID-19 pandemic struck at the beginning of 2020. This indicates that the economy is slowly recovering and the job market is gradually improving.
The data also revealed that on average, the number of work hours has increased by 0.8 per cent. Interestingly, fewer people took annual leave in June, but there was a significant increase in the number of individuals who worked reduced hours due to illness, as the country dealt with a wave of viruses. This could potentially have a slight impact on the overall productivity of the workforce.
It is worth noting that, despite the slight rise in unemployment, the job market in Australia is still relatively stable and showing signs of improvement. With the participation rate remaining high and the number of employed individuals increasing, it is a positive indication for the economy as a whole.
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