Australia Unemployment Rate

Australia's unemployment rate was at 3.5% in August 2022, compared with July's record low and market estimates of 3.4%, pointing to the first increase in ten months. The number of unemployed increased by 14,000 to 487,700, with the number of people looking for full-time jobs rising by 15,500 to 332,100, while those part-time work decreased by 1,400 to 155,600. Meantime, employment climbed by 33,500 to a fresh top of 13.59 million, compared with forecasts of a 35 thousand rise, as full-time employment increased by 58,800 to 9,468,500 while part-time employment fell by 25,300 to 4,123,600. The participation rate grew to 66.6% from 66.4% in July which matched consensus. The underemployment rate inched down to 5.9% from 6.0%; while the underutilization was unchanged at 9.4%, staying at its lowest since April 1982. Monthly hours worked in all jobs rose by 14 million to 1,854 million hours.