Steady Employment Growth, Slight Increase in Underemployment: March 2023 Labor Market Update

Key Statistics Summary (March 2023):

Unemployment rate remained unchanged at 3.5% in trend terms. Participation rate increased to 66.8% in trend terms. Employment increased by 31,700 people (0.2%) to 13,883,100 people in trend terms. Employment to population ratio remained unchanged at 64.4% in trend terms. Underemployment rate increased to 6.1% in trend terms. Monthly hours worked increased by 5 million (0.2%) to 1,910 million in trend terms.

In seasonally adjusted terms: Unemployment rate remained unchanged at 3.5%. Participation rate remained unchanged at 66.7%. Employment increased by 53,000 people (0.4%) to 13,884,400 people. Employment to population ratio increased to 64.4%. Underemployment rate increased to 6.2%. Monthly hours worked decreased by 3 million (-0.2%) to 1,914 million. Full-time employment increased by 72,200 people to 9,748,900 people. Part-time employment decreased by 19,200 people to 4,135,600 people.

Note: The ABS recommends caution when using trend estimates due to large month-to-month changes during the COVID-19 pandemic resulting in multiple trend breaks.