The ABS released their Labour statistics data today, and in came in line ball with last month. Not as strong as economists were expecting. That said, the labour market is tight because external labour supply from temporary works and migration has stalled thanks to the pandemic. Essentially the supply has dropped by around 500,000. So this is hardly great economic management, and if migration is powered up again, the unemployment will rise. The latest projections are for a fall to 3. Something then a subsequent reversal as migration kicks in.
And remember the threshold is an hour worked to qualify as employed!
The seasonally adjusted unemployment rate remained at 4.0 per cent in March 2022, according to data released today by the Australian Bureau of Statistics (ABS).
The ABS, said: “With employment increasing by 18,000 people and unemployment falling by 12,000, the unemployment rate decreased slightly in March, though remained at 4.0 per cent in rounded terms.
“4.0 per cent is the lowest the unemployment rate has been in the monthly survey. Lower rates were seen in the series before November 1974, when the survey was quarterly.”
The unemployment rate continued to fall faster for women than for men.
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