Earn
Labour market’s ‘miraculous’ recovery
The economic recovery is continuing, with Australia’s unemployment rate continuing to fall, official figures show.
Labour market’s ‘miraculous’ recovery
The economic recovery is continuing, with Australia’s unemployment rate continuing to fall, official figures show.
Stats released by Australian Bureau of Statistics (ABS) showed that Australia’s unemployment rate has now fallen to 5.6 from 5.8 per cent last month.
Seasonally adjusted employment increased by 71,000 people between February and March 2021, according to ABS data.
Bjorn Jarvis, head of labour statistics at the ABS, said this latest data showed continued recovery in the labour market into March 2021, with hours worked higher than March 2020, for the first time during the COVID period.
“Employment and hours worked in March 2021 were both higher than March 2020, up by 0.6 per cent and 1.2 per cent.”
According to the ABS, women’s participation in the workforce has now reached a record high.
“The proportion of women employed was the highest it’s ever been [at] 58.5 per cent, half a percentage point higher than in March 2020, while the proportion of men employed remained slightly lower than before the pandemic,” Mr Jarvis said.
Western Australia recorded strong growth from lockdowns in the first week of February, with a 2.4 per cent (33,000 people) increase in employment, and a 9.2 per cent increase in hours worked – the strongest across all states and territories.
Prior to the release of the official figures, Commonwealth Bank CEO Matt Comyn said CBA’s economics team is expecting a print of 5.6 per cent today.
This is then expected to fall to 5 per cent by the end of this calendar year, and to 4.7 per cent by the end of 2022.
There is significant cause for optimism.
“The recovery in the labour market is, in one word, miraculous,” Mr Comyn said.
However, the data was collected during the first half of March, prior to the end of JobKeeper on 28 March.
“The April Labour Force release, along with weekly payroll jobs data, will show the state of the labour market after the end of JobKeeper,” Mr Jarvis concluded.
RELATED ARTICLES
About the author
About the author
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more
Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more
Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more
Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more
