Australia’s unemployment rate remained unchanged at 4.1 per cent in February, according to recent figures from the Australian Bureau of Statistics (ABS), despite a loss of over 53,000 jobs in that month. This stability aligns with economists’ forecasts. During this period, the count of individuals employed dropped by 53,000, while the number of those classified as unemployed decreased by 11,000.
Bjorn Jarvis, the ABS’s head of labour statistics, highlighted that a decline in older workers re-entering the workforce was a significant factor influencing the employment statistics. He noted that fewer older employees returned to work in February, which contributed to the net loss in employment for that month. This trend marks a shift from the previous year, where higher employment levels had been recorded among older age groups. However, Jarvis pointed out that employment figures for individuals aged 15 to 54 continue to show growth over the year.
Additionally, there was a 0.4 per cent dip in the participation rate, which reflects the proportion of Australians either employed or actively looking for work, bringing it down to 66.8 per cent. Despite this decrease, the participation rate remains high, having recently hit a historical peak and standing 0.1 percentage points above last year’s figures.
Overall, while more Australians have left employment, the unemployment rate’s stability and relatively high participation rates suggest some resilience in the labour market.