Economy

Australian jobs soar in August, unemployment stays still

Australian jobs soar in August, unemployment stays still

Underutilisation - a sum of unemployment and underemployment which provides a better insight into the labour market's overall health - fell to 13.4 per cent, the lowest level since June 2013, the statistics bureau said in Sydney.

Employment growth in August was twice as high as expected, keeping the nation's unemployment rate steady at 5.3 per cent for the second month in a row.

The Australian economy added 44,000 jobs in August, beating forecasts for an increase of 18,000 following the loss of 3,900 jobs in July.

The official participation rate for August - the percentage of people in work, looking for work, or ready to work - increased slightly to 65.7 per cent, from 65.6 per cent the previous month.

The Australian Chamber of Commerce's chief economist, Adam Carr, said underemployment would need to come down much further before there was an uptick in wages growth.

Employment increased 29,000 to 12,620,700.

The ABS, from next month, intends to release seasonally adjusted estimates of the underemployment and underutilization rates on a monthly basis, which might give a timelier guide on these indicators.

Unemployment decreased 2,700 to 711,900.

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Employment increased 44,000 to 12,631,300. Full-time employment increased 33,700 to 8,630,700 and part-time employment increased 10,200 to 4,000,600.

CommSec expects the Reserve Bank's interest rate to remain unchanged at a record low of 1.5 per cent, until later in 2019.

Unemployment increased 5,800 to 708,800. Employment dropped modesty in Victoria, although the jobless rate dropped to 4.8 percent.

The unemployment rate remained at 5.3 per cent as the number of people looking for work edged up.

Monthly hours worked in all jobs increased 0.6 million hours (0.03%) to 1,750.9 million hours.

That drop sent the underutilisation rate to the lowest in over five years at 13.4 percent.

Participation rate increased by 0.2 pts to 65.7%. The underutilisation rate, which includes not just those who are unemployed but also employed people seeking more hours, is regarded as the best measure of labour market conditions in Australia.