New data from the Australian Bureau of Statistics (ABS) showed that in June 2022 the unemployment rate fell by 0.40% as more than 54,000 people found themselves working.
It is the lowest unemployment rate recorded since August 1974, when the rate was 2.7 percent and the figures were published quarterly.
Bjorn Jarvis, head of ABS labor statistics, said the figures reflected a shortage of labor across the country.
“The unemployment rate of 3.4% of women was the lowest since February 1974 and the rate of 3.6% of men was the lowest since May 1976,” she said.
“The large drop in the unemployment rate this month reflects more people than usual getting into work and also a lower-than-usual number of employed people staying unemployed.
“Overall, these flows reflect an increasingly tight labor market, with high demand for hiring and retaining workers, as well as a continuing shortage of labor.”
Approximately 54,000 Australians found work between May and June, which drastically reduced the unemployment rate. (Control)
Deseasonalized working hours declined slightly in June, as workers were forced to take sick leave, potentially attributed to higher rates of influenza and COVID-19.
“In line with the large number of cases of COVID-19 in June, the number of people working part-time due to illness remained high. This reflects the continued disruption associated with the Omicron variant and influenza cases.” , said Jarvis.
“In June 2022 there were about 780,000 people working fewer hours than usual due to the disease itself, almost double the usual figure we see at the beginning of winter.”
It is the lowest unemployment rate recorded since August 1974, when the rate was 2.7 percent and the figures were published quarterly. (AAP)
The June 2022 increase was the eighth consecutive increase in employment, following the easing of restrictions following the Delta blockades in late 2021.
“Employment growth continues to follow a reasonably consistent trend. Average monthly employment growth over the past three months has been about 51,000 people and about 52,000 since November 2021.
“This was similar to the average monthly increase we saw during the year before the Delta blockades (61,000 people).
“Growth remains remarkably stronger than before the pandemic when the trend was about 20,000 people each month.”
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