Jobless rate falls to lowest in nearly six years

Lloyd Doyle
August 18, 2018

Unemployment fell to 5.3 per cent from 5.4 per cent in June, which was also economists' median estimate, Australian Bureau of Statistics data showed on Thursday.

The seasonally adjusted number of persons employed decreased by around 4,000 persons in July 2018.

Employment, however, fell by 3900 jobs to 12.575 million in the month and the participation rate fell by 0.1 point to 65.5 per cent.

There's been a strong climb in the full-time employment nationally, increasing by 19 thousand jobs, this has been offset by the loss of 23 thousand jobs in part-time employment. The central bank is widely expected to keep its benchmark lending rate unchanged at 5.25 percent.

Over the past year, trend employment increased by around 300,000 persons or 2.4 per cent, which was above the average year-on-year growth over the past 20 years (2.0 per cent).

That follows the 1.4 percent quarterly increase and the 5.4 percent yearly gain in the three months prior.

The ANZ reported that overall though they continue to point to ongoing gradual improvement in the labour market in the near term, with a further decline in the unemployment rate.

Deputy Labor leader Tanya Plibersek said the "very small drop" in the unemployment rate was welcome.

Other reports by Iphone Fresh

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