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Economics
19 Jul 2024
Unemployment rate slightly up
Labour force statistics released this week highlight that the unemployment rate increased slightly from 4 per cent in May to 4.1 per cent in June, with the number of unemployed people up by 9700. Meanwhile, the number of employed people increased by 50,200 to 14.4 million.
Despite such high job creation, unemployment rose due to an increase in the proportion of Australians aged 15 or over looking for a job. The participation rate remained close to its record high at 66.9 per cent. These figures indicate that the labour market remains tight, with employment figures reaching a peak level.
Around 43,300 people joined full-time employment, and 6,800 people commenced part-time employment. The number of hours worked rose by 15 million in June. However, it remains weak due to an unusually high number of employed people working reduced hours because they were sick.
With Job vacancies remaining high, employers continue their struggle to find people with the right skills to fill unfilled positions.
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