Australia’s Labor Market Snapshot for September 2023

The Australian Bureau of Statistics (ABS) has released the latest labor force data for September 2023, providing key insights into the nation’s economic landscape. Here are the headline estimates:

Trend Estimates:

  • Unemployment Rate: Held steady at 3.6%.
  • Participation Rate: Maintained at 66.8%.
  • Employment: Rose to 14,115,100, marking an increase of 23,000.
  • Employment-to-Population Ratio: Remained at 64.4%.
  • Underemployment Rate: Steady at 6.4%.
  • Monthly Hours Worked: Decreased to 1,940 million.

Seasonally Adjusted Estimates:

  • Unemployment Rate: Dropped to 3.6%.
  • Participation Rate: Decreased to 66.7%.
  • Employment: Increased to 14,111,200, with full-time employment decreasing and part-time employment rising.
  • Employment-to-Population Ratio: Decreased to 64.4%.
  • Underemployment Rate: Decreased to 6.4%.
  • Monthly Hours Worked: Decreased to 1,930 million.

Additional Insights:

  • Full-time Employment: Decreased by 39,900 to 9,806,400 people.
  • Part-time Employment: Increased by 46,500 to 4,304,800 people.

Yearly Changes:

  • Over the past year, Australia has witnessed a significant increase in employment by 385,900 people (2.8%).

State and Territory Breakdown (Trend):

  • New South Wales: Unemployment rate at 3.3%, employment-to-population ratio at 63.8%.
  • Victoria: Unemployment rate at 3.5%, employment-to-population ratio at 65.1%.

Caution: Large month-to-month changes occurred during the COVID-19 pandemic, impacting trend estimates. The ABS advises careful use of trend estimates for this period.

The ABS is also introducing improvements, including enhanced regional labor market data and a new sample phase-in for the Labor Force Survey.

For a more detailed breakdown and definitions, refer to the official ABS Labor Force, Australia publication for September 2023.