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Steady jobs growth keeps unemployment stable
The latest job figures from the Australian Bureau of Statistics (ABS) show the nation’s unemployment rate held steady over October 2017.
The 5.5% unemployment figure comes on the back of a 13th straight month of full-time employment growth on a trend basis; this month by 16,000 persons. Part time employment also increased by 4000 persons.
Looking at the figures year on year, trend employment increased by 2.9% over the past 12 months, which is above the average year on year growth over the past 20 years of 1.9%. This comes from a net increase of 347,000 employed persons, 289,000 of which are employed full time.
Australian employment
| September 2017 | October 2017 | Monthly change | Annual change | |
|---|---|---|---|---|
| Employed persons | 12,281,200 | 12,301,200 | 20,000 | 2.9% |
| Unemployed persons | 712,300 | 709,400 | -3000 | -1.6% |
| Unemployment rate | 5.5% | 5.5% | – | -0.2 points |
| Participation rate | 65.2% | 65.2% | – | 0.7 points |
Source: ABS
States and territories
Going state by state,the largest monthly trend increases in employment were recorded in Queensland (7900) and New South Wales (6700). The only areas that recorded decreases were Tasmania (down 300 persons) and the Northern Territory (down 100 persons).
On an annual basis, the regions with the strongest annual employment growth were found to be Queensland with 4.6%, the ACT with 3.1%, Tasmania with 3%, and Victoria with 2.8%.
Unemployment rate by state/territory
| September 2017 | October 2017 | |
|---|---|---|
| NSW | 4.7% | 4.7% |
| VIC | 5.9% | 5.9% |
| QLD | 5.9% | 5.9% |
| SA | 5.8% | 5.6% |
| WA | 5.7% | 5.8% |
| TAS | 6.0% | 6.0% |
| NT | 4.1% | 4.2% |
| ACT | 4.1% | 3.8% |
| National | 5.5% | 5.5% |
Source: ABS
Disclaimer
This article is over two years old, last updated on November 17, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent bank accounts articles.
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