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AUSTRALIA DATA: Job Creation Picking Up Momentum, But Underemployment Rises

AUSTRALIA DATA
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Jobs growth printed higher than expected again with 47.5k new jobs in August after 48.9k in July. The participation rate was unchanged at 67.1% and so the unemployment rate was steady at 4.2%. The labour market remains tight and is able to provide work for those who seeking it. Vacancies are down from recent highs but remain elevated. The continuation of this trend means that rates are on hold for now.

  • The underemployment rate reflected some minor labour market easing. It rose 0.2pp to 6.5% reflecting that the August job gain was driven by part-time positions (PT) and that PT hours rose strongly. The underutilisation rate was unchanged at 10.6% as the unemployment rate fell almost 0.1pp, when looking at 2dp.
  • The unemployment rate printed not far from 4.1% at 4.156% down from 4.236% in July. The youth unemployment rate though rose to 10% from 9.9% and has been trending higher over 2024. The RBA sees it as a leading indicator of the labour market.

Australia unemployment vs underemployment rates %

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Jobs growth printed higher than expected again with 47.5k new jobs in August after 48.9k in July. The participation rate was unchanged at 67.1% and so the unemployment rate was steady at 4.2%. The labour market remains tight and is able to provide work for those who seeking it. Vacancies are down from recent highs but remain elevated. The continuation of this trend means that rates are on hold for now.

  • The underemployment rate reflected some minor labour market easing. It rose 0.2pp to 6.5% reflecting that the August job gain was driven by part-time positions (PT) and that PT hours rose strongly. The underutilisation rate was unchanged at 10.6% as the unemployment rate fell almost 0.1pp, when looking at 2dp.
  • The unemployment rate printed not far from 4.1% at 4.156% down from 4.236% in July. The youth unemployment rate though rose to 10% from 9.9% and has been trending higher over 2024. The RBA sees it as a leading indicator of the labour market.

Australia unemployment vs underemployment rates %

Keep reading...Show less