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Economics update | 14 April 2023
14 Apr 2023
Unemployment remains at 3.5 per cent for the eighth consecutive month
The labour market remains extremely tight, with the latest labour force data from the ABS showing unemployment in March remaining steady at its 48-year low of 3.5 per cent for the eighth consecutive month. While data last month showed the number of job vacancies easing slightly to 438,500 in February, with 508,500 people unemployed, the gap of only 70,000 remains negligible when you take into account skills mismatch, and dislocation between the job and potential employee.
An additional 53,000 jobs were added in March, taking the number of people employed to more than 13.88 million. All of the new jobs created were full-time, with full time employment increasing by 72,200 and part-time employment falling by 19,200. The full-time share of employment has increased to more than 70 per cent, around where it was a decade ago.
Growth in female employment has been particularly strong, with 56,300 women joining the workforce in the past month and the female participation rate increasing to a record high of 62.5 per cent.
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