If jobs growth alone was taken into account, the Australian economy could be said to be in rude health, as full-time employment rose for the 13th consecutive month in October.
Trend unemployment – which irons out the more volatile seasonally adjusted rating – remained steady at 5.5 per cent, but the economy added 16,000 full-time jobs, and a further 4,000 part-time jobs, according to the Australian Bureau of Statistics (ABS).
“Full-time employment has now increased by around 289,000 persons since October 2016, and makes up the majority of the 347,000 person net increase in employment over the period,” said ABS chief economist Bruce Hockman.
“Over the past year, trend employment increased by 2.9 per cent, which is above the average year-on-year growth over the past 20 years (1.9 per cent).”
That growth in jobs came even despite the participation rate remaining steady at 65.2 per cent, which is its highest level since April 2012.
The number of hours worked is also on the up, increasing 0.2 per cent in October, delivering a strong increase of 3.1 per cent over the last 12 months.
For anyone interested in the raw numbers, Australia has an estimated 12,301,200 employed people, and a further 709,400 unemployed people. Total hours worked across all jobs now stands at just over 1.72 billion hours each month.