Australian unemployment rate fell to a new low of 5.4%, that’s why we need a reputable degree. According to data released by the Australian Bureau of Statistics (ABS), the unemployment rate in Australia in October was 5.4%, not only lower than the 5.5% in September, but also the lowest unemployment rate since February 2013. However, the pace of employment growth slowed in October.
In October, the number of employed people increased by only 0.37 million, as the number changed from 19,800 to 26,600 in September. Economists had previously expected the unemployment rate to be 5.5% in October, and the newly-employed population is expected to be 17,500. Although the number of newly-employed people in October was not as expected, the Australian labor market growth momentum remains strong. The employment population in Australia has increased for 13 consecutive months, only slightly worse than the 15-month continuous growth performance that ended in July 1994.
From the performance of the entire year, from January to October this year, Australia’s new population of 296,000 people has become the highest figure since 1978. In the past 12 months, Australia has added a total of 355,000 employed people. In October this year, the full-time employed population increased by 24,300, while the part-time population decreased by 20,700.
Global Employment Web site APAC economist and former Australian Reserve Banking staff Callam Pickering said that the pace of employment growth slowed in October.
He pointed out that the size of Australia’s economy is not enough to support 40,000 new jobs per month. However, there is good news. For example, the new full-time employed population accounts for nearly 85% of the total newly-employed population. However, some economic analysts have cautioned that the drop in the unemployment rate does not necessarily mean that wages will increase. According to the Australian Bureau of Statistics two weeks ago, the seasonally adjusted wage price index (WPI) rose by 0.5% in the September 2017 quarter and only rose by 2% in the full year range.