Victorian Unemployment Rate Falls To 4.8 Per Cent

Lloyd Doyle
September 15, 2018

The ABS has released its labour market survey for the month of August, with 44,000 jobs added, mostly full-time, but nearly no change in hours worked nor the unemployment rate.

That was in line with expectations and unchanged from the previous month.

The Australian economy added 44,000 jobs in August, beating forecasts for an increase of 18,000 following the loss of 3,900 jobs in July.

"In addition to the surging workforce, most of the increase in employment during Turnbull's Prime Ministership was part-time". The unemployment rate among 15 - 24 year olds has declined to 11.2%, from 12.4% at the beginning of the year, with the decline particularly impressive since it has coincided with a sizable increase in participation. This is somewhat disappointing because over the same period employment rose by 2.5%.

The ABS, from next month, intends to release seasonally adjusted estimates of the underemployment and underutilization rates on a monthly basis, which might give a timelier guide on these indicators.

Employment increased 44,000 to 12,631,300.

Gains were driven by another increase in full-time employment, which rose by 33,700 in seasonally adjusted terms.

Participation rate increased by 0.2 pts to 65.7%.

Unemployment increased 5,800 to 708,800.

Unemployment rate remained steady at 5.3%.

Victoria's unemployment rate is below the Australian average of 5.3 per cent, and well down on the 6.7 per cent inherited from the previous Liberal and National Government.

Monthly hours worked in all jobs increased 0.6 million hours (0.03%) to 1,750.9 million hours.

The data provided only a brief fillip to the Australian dollar as an increase in the official cash rate to 1.75 percent is still seen as a distant prospect.

That drop sent the underutilisation rate to the lowest in over five years at 13.4 percent.

The underemployment rate - or workers who are looking for more hours - decreased to 8.1 per cent, while underutilisation - the sum of unemployment and underemployment also fell.

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