Australian Labour Market Update: February 2024

Australia's seasonally adjusted unemployment rate increased by 0.2 percentage points to 4.3 per cent in February, according to the Australian Bureau of Statistics.

Employment and Unemployment Trends

The number of unemployed people grew by 35,000. Sean Crick, ABS head of labour statistics, indicated that fewer individuals who were unemployed and awaiting job starts in January moved into employment in February, relative to recent Februarys. He also noted that more people remained unemployed this month compared to recent Februarys.

Total employed people increased by 49,000, but this growth was not uniform across job types.

• Part-time employment rose by 79,000 people.
• Full-time employment fell by 30,000 people.

Mr. Crick highlighted an increase in people moving into part-time employment, particularly among those aged 65 and over. Additionally, fewer people were observed leaving jobs to retire this month compared to a year ago.

Hours Worked and Participation

Total hours worked decreased by 0.2 per cent in February. This decline is associated with more people working part-time hours rather than full-time.

The participation rate rose by 0.2 percentage points, reaching 66.9 per cent in February, a result of growth in both employment and unemployment.