Economic Indicators


A snapshot of employment and participation within the Australian labour force.

This note provides commentary and analysis on the monthly labour force survey data, which estimates Australian employment, unemployment, underemployment, labour participation and hours worked.

  • 21 Mar 2024 Employment February 2024

    Employment surged a seasonally adjusted 116.5k in February, significantly more than the 40.0k pencilled in by the market consensus. The seasonally adjusted unemployment rate dropped 0.4ppts to 3.7%. Western Australia saw the strongest percentage gain in employment of all states, both in monthly (1.7%) and annual terms (4.9%).

  • 15 Feb 2024 Employment January 2024

    Employment rose by a seasonally adjusted 0.5k in January, following a 62.7k slump in December. The January increase was a large disappointment for market participants, who expected a 25.0k gain. The unemployment rate rose to a two-year high of 4.1%, but this is still low by historical standards.

  • 18 Jan 2024 Employment December 2023

    Employment slumped 65.1k in December but the unemployment rate was steady at 3.9% (exp. 3.9%), as the decline in employment was matched by a 65.9k fall in the labour force that pushed the participation rate down to a three-month low of 66.8%, from a record high of 67.3% in November

  • 14 Dec 2023 Employment November 2023

    Employment surged by 61.5k in November, significantly exceeding the market expectations of a 11.5k gain. The unemployment rate increased 0.1ppts to 3.9% (mkt exp. 3.8%). Western Australia was the only mainland state that saw a decline in the unemployment rate in November, as the rise in employment more than offset higher labour force numbers.

  • 16 Nov 2023 Employment October 2023

    Employment surged by 55.0k in October, over double the 24.0k consensus. The second week of the October labour force survey fortnight coincided with the run-up to the referendum on 14 October. The unemployment rate rose back to 3.7%, in line with the market expectations.

  • 19 Oct 2023 Employment September 2023

    Employment rose by 6.7k in September, less than the 20.0k pencilled in by the consensus. This gain was due to a strong 46.5k increase in part-time jobs, while full-time employment fell by 39.9k. The unemployment rate ebbed 0.1ppts to 3.6% amid a decline in the labour force participation rate to 66.7%.

  • 14 Sep 2023 Employment August 2023

    Employment rose by 64.9k in August, well above the 25.0k pencilled in by the consensus. The unemployment rate remained at 3.7%, both in seasonally adjusted and trend terms. Western Australian employment rose by another 14.7k in August, but the unemployment rate picked up 0.3ppts to 3.8% amid a 0.7ppts surge in participation to a six-month high of 69.3%.

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