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June unemployment rate drops to 3.5% and a new 50 year low

Data released by the Australian Bureau of Statistics last week shows a seasonally adjusted unemployment rate fell to 3.5 per cent in June 2022, the lowest it has been since August 1974.

June unemployment rate drops to 3.5% and a new 50 year low

Bjorn Jarvis, head of labour statistics at the ABS, said: “With employment increasing by 88,000 people and unemployment falling by 54,000, the unemployment rate fell by 0.4 percentage points, to 3.5 per cent.

“This is the lowest unemployment rate since August 1974, when it was 2.7 per cent and the survey was quarterly.”

The unemployment rate continued to fall for men and women (both down 0.4 percentage points).

“The large fall in the unemployment rate this month reflects more people than usual entering employment and also lower than usual numbers of employed people becoming unemployed. Together these flows reflect an increasingly tight labour market, with high demand for engaging and retaining workers, as well as ongoing labour shortages.”

The fall in unemployment through the pandemic has coincided with large increases in job vacancies (480,000 in May 2022). As a result, there was almost the same number of unemployed people in June 2022 (494,000 people) as vacant jobs.

“This equates to around one unemployed person per vacant job (1.0), compared with three times as many people before the start of the pandemic (3.1)”, Mr Jarvis said.

The increase in June 2022 was the eighth consecutive rise in employment, following the easing of restrictions after the Delta lockdowns in late 2021.

“Employment growth continues to follow a reasonably consistent trend. Average monthly employment growth over the past three months has been around 51,000 people and around 52,000 since November 2021. This was similar to the average monthly increase we saw over the year prior to the Delta lockdowns (61,000 people). The growth continues to be noticeably stronger than before the pandemic when the trend was around 20,000 people each month,” Mr Jarvis said.

Managing Director for The BUSY Group, Paul Miles, stated: “There are certain industries right now that are desperately needing staff so there are great opportunities for jobseekers to find employment and enter a meaningful career path. The BUSY Group can assist jobseekers through a range of Workforce Australia employment services programs, including those for young people just entering work, and disadvantaged jobseekers who have found it tough in the past to enter employment. We can also assist with skills development in a range of industries that are experiencing skills and staff shortages, including supply chain management, construction, community services, and more! Through apprenticeship and traineeship opportunities we can help to provide meaningful career pathways for jobseekers where they can earn and learn while they commence a new career path. We urge businesses and jobseekers to get in touch with us to see how we can support you.”

For more information on Australian Apprenticeship Support Network services and Workforce Australia Employment Services, visit www.busyatwork.com.au

For information on apprenticeship or traineeship vacancies available visit the national apprenticeship jobs board at www.apprenticeshipcentral.com.au

Source:

 Australian Bureau of Statistics

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