Australian jobless rate holds at 4.2% in August ’24

The Australian unemployment rate remained unchanged at 4.2 per cent in August 2024, according to seasonally adjusted data released by the Australian Bureau of Statistics (ABS) on Thursday.

Despite a slight decrease in the number of unemployed people by around 10,000, the labour force participation rate continued to hold at a record high of 67.1 per cent. This stability was driven by an increase of employment amounting at 47,000 individuals.

The employment-to-population ratio rose by 0.1 percentage points to 64.3 per cent, approaching its November 2023 historical peak of 64.4 per cent. This increase was primarily supported by a stronger employment-to-population ratio for men, which rose by 0.2 percentage points to 68.1 per cent.

Kate Lamb, head of labour statistics at the ABS, noted that the high employment-to-population ratio and participation rate indicate a strong demand for workers in the Australian labour market. While the number of unemployed people has declined slightly since the end of 2023, it remains elevated at 627,000.

Attrribution: Australian Bureau of Statistics report

Subediting: M. S. Salama