The official unemployment rate decreased 0.1 points to 5.4 per cent. Unemployment (and the rate) fell, but only because the participation rate fell. If not, then the unemployment rate would have risen marginally. So no signs of a sustained growth path is emerging. Broad labour underutilisation (underemployment and unemployment) was at 13.3 per cent summing to 1,724 thousand persons, which tells you that there is still considerable slack in the labour market. The teenage labour market deteriorated in October although this cohort shared in the full-time employment growth, which is a good outcome.
Australian Unemployment Rate fell to 5.4%
- Thursday, Nov 16 2017
The latest labour force data released today by the Australian Bureau of Statistics – Labour Force data – for October 2017 shows that total employment growth was weak although there was relatively good full-time employment growth. Employment increased by a minuscule 3,700 (0.03 per cent) – full-time employment increased 24,300 and part-time employment decreased 20,700. While the growth in full-time employment is a good outcome, the overall employment growth was very weak and follows a fairly weak result the previous month.