Australia's seasonally adjusted unemployment rate edged up to 6.9% in September 2020 from 6.8% in August but below market consensus of 7.1%, amid the coronavirus crisis. The number of unemployed increased by 11,300 to 937,400 people, as people looking for full-time work went up by 8,900 to 703,200 and those looking for only part-time work rose by 2,300 to 234,200. Employment fell by 29,500 to 12,571,900, less than estimates of a 35,000 decrease, as full-time employment dropped by 20,100 to 8,540,300, and part-time employment declined by 9,400 to 4,031,700. The participation rate inched down to 64.8% in September from a five-month high of 64.9% in August, in line with forecasts. The underemployment rate ticked higher to 11.4% from 11.3% in August, and the underutilization rate rose 0.2 points to 18.3%. Monthly hours worked in all jobs gained 8.7 million hours, or 0.5% to 1,688 million hours.
Unemployment Rate in Australia averaged 6.80 percent from 1978 until 2020, reaching an all time high of 11.20 percent in December of 1992 and a record low of 4 percent in February of 2008. This page provides - Australia Unemployment Rate at 5.8% in December - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Australian Bureau of Statistics
Unemployment Rate in Australia is expected to be 7.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Australia to stand at 6.60 in 12 months time. In the long-term, the Australia Unemployment Rate is projected to trend around 6.30 percent in 2021, according to our econometric models.