Australia’s unemployment price has remained steady at 3.4 per cent whereas workforce participation returned to a document excessive, new knowledge reveals.
Official estimates from the Australian Bureau of Statistics’ labour power survey point out unemployment remained regular by means of November.
About 33,000 jobs have been added to the economic system over the month, the vast majority of which have been full-time.
ABS head of labour statistics Bjorn Jarvis mentioned the outcomes present Australia continues to have a “tight labour market”, the place jobs are plentiful and staff scarce, with most development in full-time employment.
“Having generally trended down over the decades through to 2017. It (full-time work) has now increased to 69.7 per cent in November 2022,” he mentioned.
Unemployment Figures
Illness continued to have a major impact on the variety of hours labored, with greater than 500,000 individuals working diminished hours in November – a 3rd larger than ordinary.
Treasurer Jim Chalmers welcomed the outcomes however cautioned that international financial volatility would “inevitably” influence the labour market.
“We know Australia won’t be immune to the volatile global economic environment driving higher global inflation and slowing growth,” he mentioned.
“Due to a decade of deliberate wage stagnation under our predecessors and the rising cost of living, workers’ real wages are still going backwards.
“International developments and cost of living pressures will inevitably have an impact on our economy and labour market, which is why our plan to fight inflation and get wages moving again is so important.”
