Australia reaches lowest unemployment rate since 1974

4000 jobs were added in April, a far-cry from the 20-30,000 economists predicted

Australia reaches lowest unemployment rate since 1974

Labour force statistics released this morning proudly showcase Australia’s lowest unemployment rate since 1974. The key jobless measure dropped to 3.9% last month when 4000 jobs were added, causing the lowest measure in 48 years.

Full-time employment climbed by 92,400, and part-time jobs declined by 88,400 during April. Under-employment – the term used to describe those with jobs who are seeking additional hours of work – fell from 6.3% to 6.1%.

4000 jobs, in a month disrupted by Easter, was a far cry from the 20-30,000 jobs predicted by economists which would drop the jobless rate to 3.8%

The participation rate – a measure of working age people that are currently in the workforce or actively seeking jobs dropped 0.1% to 66.3%.

Covid cases are still affecting our workforce. 740,000 people worked reduced hours in April due to illness. The Australian Bureau of statistics said that was almost double what you would see in April before the pandemic.

Globally, it’s not uncommon to see declining unemployment rates. The UK, US and NZ have jobless rates in the 3%-range.  

The labour market figures are the last major data to be released before Saturday’s federal election which the government goes into amid high inflation, high cost of living and next to no wage growth since they took power. 

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