Unemployment jumps to 6 per cent for first time in a decade

February 13, 201412:10 pm332 views
Unemployment jumps to 6 per cent for first time in a decade
Unemployment jumps to 6 per cent for first time in a decade

Australia’s unemployment rate has jumped to 6 per cent for the first time in more than a decade.

The Bureau of Statistics estimates that 3,700 jobs were lost in January, pushing the unemployment rate from 5.8 up to 6 per cent – the first time it has reached that level since July 2003.

That jobless rate of 6 per cent tops the figure reached during the height of the global financial crisis, when unemployment peaked at 5.9 per cent in June 2009.

All of the jobs lost were full-time, with an estimated 7,100 positions going, while 3,400 part-time jobs were added.

Despite the loss of full-time positions, the ABS estimate of aggregate monthly hours worked last month rose 1.3 per cent to 1.64 billion.

The participation rate, which measures the proportion of people in work or looking for it, remained steady at 64.5 per cent, but is down 0.8 percentage points over the past year.

On the more stable trend figures, unemployment edged higher from 5.8 to 5.9 per cent, while participation eased from 64.6 to 64.5 per cent in January.

Victoria struggling, WA worsening

Tasmania continues to have the nation’s highest unemployment rate at 7.6 per cent, but it has been on the way down since a peak above 8 per cent earlier this year.

Victoria’s unemployment rate of 6.4 per cent is the state’s worst since January 2002.

However, the biggest monthly rise in the unemployment rate occurred in Western Australia, where the jobless rate jumped from 4.6 per cent last month to 5.1 per cent, seasonally adjusted.

State-by-state

  • NSW: Unemployment steady at 5.8 per cent; participation up from 62.8 to 62.9 per cent.
  • Victoria: Unemployment up from 6.2 per cent to 6.4 per cent; participation up from 64.5 to 64.7 per cent.
  • Queensland: Unemployment up from 5.9 to 6.1 per cent; participation down from 65.5 to 65.2 per cent.
  • SA: Unemployment down from 6.8 to 6.6 per cent; participation down from 62 to 61.8 per cent.
  • WA: Unemployment up from 4.6 to 5.1 per cent; participation up from 68.2 to 68.3 per cent.
  • Tasmania: Unemployment steady at 7.6 per cent; participation steady at 59.7 per cent.
  • NT: Unemployment down from 4.3 to 4 per cent; participation down from 74.7 to 74.6 per cent.
  • ACT: Unemployment down from 3.9 to 3.8 per cent; participation steady at 71.3 per cent.

 

source: abc.net.au

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