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.
https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/sep-2023