South Australia’s unemployment rate has declined by 0.1 percentage points, dropping to 3.9% which is below the national rate. Nationwide unemployment rose by 0.1 percentage points to now be 4.1% on a seasonally adjusted basis. The number of unemployed people nationwide rose by 10,000 in June.
Australia’s participation rate also rose to 66.9%, just 0.1 percentage point lower than its historical high of 67% seen in November 2023. South Australia’s participation rate also rose by 0.1 percentage point, though lags at 62.4%.
The Australian Bureau of Statistics state that “the employment-to-population ratio and participation rate both continue to be near their 2023 highs. This, along with the continued high level of job vacancies, suggests the labour market remains relatively tight, despite the unemployment rate being above 4.0 per cent since April.”
Hours worked across the economy continued its steady rise since the early stages of the pandemic, rising by 0.8% in the last month.
June quarter inflation data will be released at the end of the month which will be decisive in the next Reserve Bank board meeting in early August.
