Unemployment rate remains at 3.7 per cent in August, as employment grows by 65,000

Unemployment rate remains at 3.7 per cent in August, as employment grows by 65,000
  • PublishedSeptember 14, 2023

Australia’s unemployment rate has remained at 3.7 per cent for August, with employment increasing by 64,900 people and unemployment declining by 2,600 people.

Australian Bureau of Statistics data show the participation rate hit a fresh record high, lifting from 66.9 per cent to 67 per cent last month.

But monthly hours worked declined a little.

That contributed to the underemployment rate lifting from 6.4 per cent to 6.6 per cent because fewer people were working the hours they wanted.

“The large increase in employment in August came after a small drop in July, around the school holiday period,” Bjorn Jarvis, ABS head of labour statistics, said.

“Looking over the past two months, the average employment growth was around 32,000 people per month, which is similar to the average growth over the past year.”

Mr Jarvis said today’s data “continues to reflect a tight labour market.”

A record high participation rate

The participation rate measures how many people, from the entire population of everyone aged 15 years and over, is actively participating in the labour force.

With a fresh record-high participation rate of 67 per cent, it means 67 per cent of everyone aged 15 and over were either working or actively looking for work in August.

Today’s data coincides with recent data showing the number of multiple job holders has also hit a record high in Australia.

In the June quarter, there were 958,600 people with more than one job, compared to just over 13 million single job holders.

SOURCE: ABCNEWS

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