Australia’s unemployment rate remains stable at 3.5% in December
australia unemployment rate remained stable at 3.5%, surprising market expectations of a slight decline.
New data from the Australian Bureau of Statistics (ABS) showed that in December 2022 employment fell by around 15,000 people while the number of unemployed Australians increased by 6,000 people.
Lauren Ford, head of labor statistics at the ABS, said the figures continued to show Australia’s labor market was thriving as it continued to rebound from the COVID-19-induced lows.
“The decline in employment and hours worked in December followed strong growth through 2022, with an annual employment growth rate of 3.4% and hours worked increasing by 3.2%” , Ford said.
“Strong job growth through 2022, along with high participation and low unemployment, continues to reflect a tight labor market.”
Underemployment, which measures the number of people who are currently employed but want to work more hours, rose 0.2 percentage points to 6.1%.
register here to receive our daily newsletters and news alerts, sent directly to your inbox.
