New findings indicate labour market is 'starting to slow'
Australia's unemployment rate continued going up in October after increasing by 0.2 percentage points to 3.7%, according to the latest data from the Australian Bureau of Statistics (ABS).
The Labour Force Survey for October showed the number of employed people going up by 0.4%, or 55,000 jobs, including the addition of 17,000 full-time roles.
This major increase came after September only added around 8,000 jobs.
"Looking over the past two months, these increases equate to average employment growth of around 31,000 people a month, which is slightly lower than the average growth of 35,000 people a month since October 2022," said Bjorn Jarvis, ABS head of labour statistics, in a statement.
On the other hand, the number of unemployed people in October also rose by 28,000, a 5.4% monthly increase. Underemployment rate remained at 6.3% in October, while the underutilisation rate went up to 10%.
Meanwhile, the monthly hours worked increased 0.5% in October 2023, but annual growth rate has slowed to 1.7%, down from the five per cent recorded early this year.
"The recent slowdown in the growth of hours worked may suggest that the labour market is starting to slow, following a particularly strong period of growth," Jarvis said.
By jurisdiction, ABS data revealed that an extra 34,000 people found work in Victoria in October - higher than any other state or territory in Australia.
"Backing great ideas and providing opportunity means we've led the nation in jobs growth as we've recovered from the pandemic. It's a credit to workers and businesses in every corner of the state," said Victorian Acting Treasurer Danny Pearson in a statement.
South Australia also set a record for its unemployment rate after registering its lowest ever in October.
It dropped to 3.6% the previous month and was second lowest in October after New South Wales, which had a 3.4% unemployment rate.
South Australian Treasurer Stephen Mullighan said this underscores the state's relative economic strength.
There are also 959,000 South Australians at work, its highest on record, according to ABS data.
"Today's record result demonstrates that our economy is continuing to hold up in the face of national economic headwinds," Mullighan said in a statement. "Our continued investment and industry support provides a steady foundation for a labour force that grows from strength to strength."
The Australian government recently outlined its plans to boost productivity and get more Australians into work in a new Employment White Paper.
"The principles we outline in the Employment White Paper today will guide reforms that better match employers keen for more workers with job seekers keen to make a contribution," Treasurer Jim Chalmers previously said.
