🗞️Underemployment Rate Stable at 6.7% Amid Strong Employment Growth

Today’s email is brought to you by Empower your podcasting vision with a suite of creative solutions at your fingertips.

The Australian Bureau of Statistics (ABS) reported a decrease in the seasonally adjusted unemployment rate to 4.0% in May, with employment increasing by around 40,000 people and the number of unemployed falling by 9,000 people.

The Revelation 

This resulted from an increase in employment and a fall in unemployment, leading to a seasonally adjusted employment-to-population ratio of 64.1% and a participation rate of 668.8%.The decrease in the unemployment rate to 4.0% was due to increased employment. The employment-to-population ratio remained unchanged at 64.1% in May. The participation rate remained steady at 66.8%. The unemployment rate has risen by 0.3 percentage points since May 2023 but remains 2.0 percentage points lower than March 2020.

Hours Worked

Hours worked fell by 0.5% in May, reflecting more employed people working fewer hours due to illness. The underemployment rate remained steady at 6.7% in May 2024, while the underutilisation rate remained steady at 10.7%. The trend unemployment rate rose to 4.0% in May, up from the revised 3.9% in April. Employment grew by 39,000 people, which continued to be faster growth than the 20-year pre-pandemic average.

Underemployment and underutilisation

The employment-to-population ratio in May remained at 64.1%, near the historically high levels seen throughout 2023 and 1.9 percentage points higher than March 2020.

The participation rate has stayed at 66.7% for 12 consecutive months, significantly surpassing the 65.6 percent recorded in March 2020. The participation rate is notably high for women at 62.7% and men at 70.8%, highlighting a gender gap of approximately 8.0 percentage points over the past year.

Why does this matter ?

The high participation rates suggest a robust labor market and the potential for sustained economic growth. However, The gender gap in participation rates underscores the necessity for policies to overcome barriers that hinder women from full participation in the workforce.

Got a News Tip?

Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos.

More on The Evening Post AU

• Get Evening Post Wrap - for nighly bite size news around Australia and the world.

• Podwires Daily - for providing news about audio trends and podcasts.

• Podwires Asia - for reporting on podcasting and audio trends in South East Asia

• There’s a Glitch - updated tech news and scam and fraud trends

• Manpalikha - The world's and Asia's most inventive advertisements and news.

• The Freeman Chronicle Podcast - features expert interviews on current political and social issues in Australia and worldwide.

• That Podcast Exchange - This podcast is an insightful conversation with people at the top of their game and deconstructs them to find the tools, tactics, and tricks to help you achieve your dream goal as Podcast Manager.

The Evening Post AU readers receive journalism free of financial and political influence.

We set our own news agenda, which is always based on facts rather than billionaire ownership or political pressure. Despite the financial challenges that our industry faces, we have decided to keep our reporting open to the public because we believe that everyone has the right to know the truth about the events that shape their world.Thanks to the support of our readers, we can continue to provide free reporting. If you can, please choose to support The Evening Post Australia.