🗞️Underemployment Rate Stable at 6.7% Amid Strong Employment Growth
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The Australian Bureau of Statistics (ABS) reported a decrease in the seasonally adjusted unemployment rate to 4.0% in May, with employment increasing by around 40,000 people and the number of unemployed falling by 9,000 people.
The Revelation
This resulted from an increase in employment and a fall in unemployment, leading to a seasonally adjusted employment-to-population ratio of 64.1% and a participation rate of 668.8%.
The decrease in the unemployment rate to 4.0% was due to increased employment. The employment-to-population ratio remained unchanged at 64.1% in May. The participation rate remained steady at 66.8%. The unemployment rate has risen by 0.3 percentage points since May 2023 but remains 2.0 percentage points lower than March 2020.
Hours Worked
Hours worked fell by 0.5% in May, reflecting more employed people working fewer hours due to illness. The underemployment rate remained steady at 6.7% in May 2024, while the underutilisation rate remained steady at 10.7%. The trend unemployment rate rose to 4.0% in May, up from the revised 3.9% in April. Employment grew by 39,000 people, which continued to be faster growth than the 20-year pre-pandemic average.
Underemployment and underutilisation
The employment-to-population ratio in May remained at 64.1%, near the historically high levels seen throughout 2023 and 1.9 percentage points higher than March 2020.
The participation rate has stayed at 66.7% for 12 consecutive months, significantly surpassing the 65.6 percent recorded in March 2020. The participation rate is notably high for women at 62.7% and men at 70.8%, highlighting a gender gap of approximately 8.0 percentage points over the past year.
Why does this matter ?
The high participation rates suggest a robust labor market and the potential for sustained economic growth. However, The gender gap in participation rates underscores the necessity for policies to overcome barriers that hinder women from full participation in the workforce.
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