Jobless rate falls to lowest in nearly six years

17 Agosto, 2018, 11:53 | Author: Arnold Perez
  • The fall was driven by a lift in full-time work which increased by almost 13,000 through the month

Figures from the Australian Bureau of Statistics this morning showed the State's unemployment rate down to 6 per cent through July. Full-time employment increased 19,300 to 8,587,500 and part-time employment decreased 23,200 to 3,987,700.

The difference between the loss of the 3900 jobs and the reduction in the size of the labour force, meant the unemployment rate came down, particularly in Victoria, which dropped sharply from 5.6 per cent to 5 per cent.

It was driven by a lift in full-time work, which increased by nearly 13,000 through the month, while the number of people out of work fell slightly to its lowest level in five months.

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Australia's jobs market has remained solid this year while cooling from last year's record run of full-time hiring.

The overall participation rate, which measures the number of people in work or looking for it, fell in July, accounting for the drop in the jobless rate. Annual economic growth accelerated to above 3 per cent in the first quarter; the central bank is relying on that rapid expansion and record-low rates to help rekindle inflation.

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