The latest release of Australia’s Labour Force Survey, covering the reference period of June 2023, reveals key statistics on employment, unemployment, underemployment, participation, and hours worked.
In trend terms, the unemployment rate remained steady at 3.5%, while the participation rate also remained unchanged at 66.8%. The total number of employed people increased to 14,045,800, and the employment-to-population ratio held steady at 64.5%. However, there was a slight rise in the underemployment rate, reaching 6.4%. Additionally, the monthly hours worked increased to 1,956 million.
In seasonally adjusted terms for June 2023, the unemployment rate remained stable at 3.5%, but the participation rate saw a slight decrease, reaching 66.8%. Employment, however, rose to 14,046,100 people, while the employment-to-population ratio remained at 64.5%. The underemployment rate stayed constant at 6.4%, and the monthly hours worked increased to 1,947 million.
Further examining the trend statistics, the employed population increased by 39,000 people (0.3%) to 14,045,800 in June 2023. The number of unemployed people decreased by 1,600 to 505,500, resulting in a 3.5% unemployment rate. The underemployment rate slightly increased to 6.4%.
In terms of full-time and part-time employment, full-time employment increased by 39,300 to 9,868,900 people, while part-time employment decreased by 6,700 to 4,177,100 people. Part-time employment accounted for 29.8% of total employment.
The employment-to-population ratio, which measures the proportion of employed individuals relative to the population, remained at 64.5% in June 2023.
Regarding participation rates, the overall rate remained at 66.8%, with a slight increase for women to 62.6% and no change for men at 71.2%.
The underemployment rate, which measures the proportion of part-time workers who desire more hours of work, increased to 6.4%. Meanwhile, the underutilisation rate, combining unemployment and underemployment, remained at 9.8%.
The data shows that employment in New South Wales, Victoria, and Queensland saw positive changes, while South Australia experienced a decline in employment in trend terms.
These figures provide valuable insights into the current state of Australia’s labor market and serve as essential indicators for policymakers, analysts, and businesses assessing the country’s economic situation and workforce dynamics.