The ABS released their March 2018 unemployment statistics today.
The trend unemployment rate increased slightly to 5.6 per cent in March 2018. The trend participation rate increased to a record high of 65.7 per cent in March 2018.
“The labour force participation rate now sits at 65.7 per cent, the highest it has been since the series began in 1978, indicating that the population is participating in the labour market at a record high level,” the Chief Economist for the ABS, Bruce Hockman, said.
In line with the increasing participation rate, employment increased by around 14,000 persons. Part-time employment increased by 13,000 persons and full-time employment by 1,000 persons, reflecting a slowing in full-time employment growth.
Over the past year, trend employment increased by 3.1 per cent, which was above the average year-on-year growth over the past 20 years (1.9 per cent).
The trend monthly hours worked increased by 0.2 million hours (0.01 per cent), with the annual figure sitting at 2.6 per cent.
The trend unemployment rate increased slightly to 5.6 per cent in March 2018.“The unemployment rate has continued to be relatively constrained over the past year, and is still hovering around 5.5 to 5.7 per cent”, Mr Hockman said.
Over the past year, the states and territories with the strongest annual growth in trend employment were Queensland (4.3 per cent), the ACT (3.9 per cent), and New South Wales (3.6 per cent).
WA has the highest, and still rising trend employment rate at 6.4%
The seasonally adjusted number of persons employed increased by 5,000 in March 2018. The seasonally adjusted unemployment rate remained at 5.5 per cent after the February number was revised down, and the seasonally adjusted labour force participation rate decreased slightly to 65.5 per cent.
