Unemployment rate in Australia surges to 4.1 percent in April
Date
5/16/2024 5:39:48 AM
(MENAFN) In April, Australia experienced a consecutive uptick in its unemployment rate, reaching 4.1 percent, as revealed by official data released by the Australian Bureau of Statistics (ABS) on Thursday. This increase from March's 3.9 percent marks the equal-highest rate recorded since January 2022.
Despite a rise in the number of employed Australians by 38,500 individuals from March to April, with part-time positions seeing a notable increase of 44,600, the overall unemployment rate saw an increment. This rise was somewhat mitigated by a decline of 6,100 in full-time roles during the same period. Correspondingly, the number of unemployed individuals, defined as those actively seeking employment despite not currently being employed, surged by 30,300 to a total of 604,200.
During this timeframe, the participation rate, measuring the proportion of the working-age population either employed or actively seeking work, saw a slight uptick from 66.6 percent in March to 66.7 percent in April.
Bjorn Jarvis, head of labor statistics at the ABS, highlighted that the employment-to-population ratio remained stable at 64.0 percent in April, indicating that recent employment gains are roughly in line with population growth. Jarvis noted that while the labor market remains tight, it is comparatively less tight than in late 2022 and early 2023.
Furthermore, the total number of hours worked by Australians in April amounted to 1.96 billion, reflecting a decrease of 15 million hours compared to April 2023.
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