[TheEpochTimesJanuary192023](Reported by Epoch Times reporter Xia Chujun, Sydney, Australia) The latest statistical data shows that Australia’s unemployment rate remained at 3.5% in December last year, unchanged from the previous month’s revised data.
On January 19, data released by the Australian Bureau of Statistics showed that the number of employed people in December 2022 fell by nearly 15,000, while the number of unemployed people increased by 6,000.
Lauren Ford, head of the bureau’s labor statistics division, said strong job growth in 2022, along with high labor force participation and low unemployment, continued to reflect a tight labor market.
Although the labor force participation rate fell 0.2 percentage points to 66.6% in December, returning to October levels, Ford said it was still 0.8 percentage points above pre-pandemic levels.
The wave of infections in the final months of 2022 may have led to an increase in the number of people working reduced hours.
The number of people whose hours were reduced due to illness rose by 86,000 to 606,000 in December, Ford said, which is more than 50% higher than what is typically seen for this time of year.
Hours worked fell 0.5% in December for the second straight month, the data showed.
“Employment and hours worked declined in December, but annual employment growth was 3.4 percent and hours worked increased 3.2 percent,” Ford said.
Also, the data showed that the employment-to-population ratio fell by 0.2 percentage points to 64.3%. But that number continues to be high from a historical perspective, 1.9 percentage points above pre-pandemic levels.
Ford said December’s monthly employment trend was up 0.19%, slightly faster than the average pace seen in the 20 years preceding the pandemic, or about 0.16% per month.
“This suggests that strong job growth has moderated over the year, but remains above the long-term average,” she said.
Treasurer Jim Chalmers said a slowdown in job growth in Australia was to be expected as the global economy weakened and interest rates started to rise, but recent growth put the country in “good shape”.
Speaking to reporters in Queensland on Thursday, he said he expected the economy to “soften over the course of 2023” and Australians should “expect to see that in the unemployment rate in the coming months”.
“Treasury’s forecast that job growth will slow and the unemployment rate will rise slightly but remain around these historic lows is what puts us in such good shape to face a global slowdown,” he said. .
Continued strength in the labor market means the Reserve Bank could raise interest rates again at its board meeting early next month.
Economists expect the Reserve Bank to raise the cash rate by another 25 basis points to curb inflation.
Editor in charge: Zong Minqing
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