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Australia’s unemployment rate remains at 5.0 percent in January

Australia’s unemployment rate remains at 5.0 percent in January after Australia’s unemployment rate dropped 0.2 percentage points to 5.0 percent in December, the Australian Bureau of Statistics announced today.

The ABS reported the number of people employed increased by 24,000 to 11.442 million, seasonally adjusted, in January. The rise in employment was driven by an increase in part-time employment, up 32,000 people to 3.419 million that was partially offset by a decrease in full-time employment, down 8,000 people to 8.022 million.

The number of people unemployed increased by 8,900 people to 606,500 in January, reported the ABS.

The ABS seasonally adjusted monthly aggregate hours worked series showed a decrease in January, down 12.7 million hours to 1,584.4 million hours.

The ABS reported labour force participation in January of 65.9 per cent, an increase of 0.1 percentage points from December.

The former Head of Australia’s oldest employment company, Drake International, Matthew Tukaki has warned that the Australian economy and employment markets need to brace themselves for the aftermath of the Queensland Floods and Tropical Cyclone Yasi which is not represented in today’s unemployment rate announcement by the ABS.

“The concern is that unemployment may in fact rise initially over the next two quarters in flood affected parts of Queensland” he said

“The reality is that more than 75 percent of the Queensland mining sector has had to shut down with large parcels of infrastructure ruined. The sugar crops that are ready for harvest are largely gone and the planting of the new crop may not happen – with small and medium business faced with so many financial pressures, the reality is business itself is at a significant risk.” Mr Tukaki has said.

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David Olsen

David Olsen

An undercover economist and a not so undercover geek. Politics, business and psychology nerd and anti-bandwagon jumper. Can be found on Twitter: <a href="http://www.twitter.com/DDsD">David Olsen - DDsD</a>

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