The seasonally adjusted unemployment rate rose by less than 0.1 percentage point to 4.1 per cent in June, according to data released today by the Australian Bureau of Statistics (ABS).
This was in line with economist predictions.
“With employment rising by around 50,000 people and the number of unemployed growing by 10,000 people, the unemployment rate rose slightly to 4.1 per cent, and the participation rate rose to 66.9 per cent,” said Bjorn Jarvis, ABS head of labour statistics.
“The employment-to-population ratio and participation rate both continue to be near their 2023 highs,” Jarvis said, adding that this, along with the continued high level of job vacancies, suggests the labour market remains relatively tight.
“Unemployment rose 10,000 people in June, following a fall of 9,000 in May. While it has increased from a low of 491,000 people in October 2022 to 608,000 in June, it is still around 100,000 people or 14.2 per cent lower than just prior to the COVID-19 pandemic.
“The unemployment rate was 0.5 percentage points higher than June last year, and 1.1 percentage points lower than March 2020,” Jarvis said.
The RBA expects unemployment to sit at 4.2 per cent at the end of 2024.
More to come.
