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Economics update | October 21, 2022
21 Oct 2022
Unemployment Rate Remains at 3.5 per cent
There was little change in the labour market in September, with only modest movement in the key indicators. The seasonally adjusted unemployment rate remained at 3.5 per cent, albeit with an 8,800 increase in unemployed people. Excluding a dip to 3.4 per cent in July, the unemployment rate has held steady at 3.5 per cent since June. The underemployment rate remained at 6 per cent for the third consecutive month whilst underutilisation increased slightly from 9.4 per cent to 9.6 per cent.
The number of employees rose slightly, up 900. But this disguised a notable shift in the nature of employment, with a 13,300 increase in full-time workers and a 12,400 decrease in part-time workers.
Consistent with the small changes in employment and unemployment, the participation rate also remained steady at 66.6 per cent, slightly below the high of 66.7 per cent recorded in June. Female participation dropped by 0.1 per cent to 62.3 per cent whilst male participation remains at 71 per cent, showing the capacity to increase female participation and support the current labour shortages.
Despite the solid rise in full-time relative to part-time employment, monthly hours worked in all jobs decreased, albeit minimally, by 0.6 million hours. The ABS puts this down to higher than usual annual leave, relative to previous Septembers that were influenced by COVID restrictions, and higher than expected sick leave.
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