According to data released today by the Australian Bureau of Statistics (ABS) the seasonally adjusted unemployment rate remained at 3.5 per cent in December, in line with the updated figure for November.
ABS head of labour statistics Lauren Ford said that with employment decreasing by around 15,000 people, and the number of unemployed increasing by 6000 people, the unemployment rate remained steady at 3.5 per cent.
“The seasonally adjusted participation rate fell 0.2 percentage points to 66.6 per cent in December, back to around where it was in October. Despite this slight fall from its historic high, it finished the year 0.8 percentage points higher than its pre-pandemic level,” Ms Ford said.
Seasonally adjusted employment decreased by 15,000 people (0.1 per cent) in December 2022, following an increase of 58,000 people in November and average monthly growth of around 40,000 people between August and November 2022.
The employment to population ratio also decreased, down 0.2 percentage points to 64.3 per cent. In historic terms, it continued to remain elevated, 1.9 percentage points above the pre-pandemic level.
Seasonally adjusted monthly hours worked decreased by 0.5 per cent for the second consecutive month, following the peak in October.
“The falls in employment and hours worked in December followed strong growth through 2022, with an annual employment growth rate of 3.4 per cent and hours worked increasing by 3.2 per cent.
“The strong employment growth through 2022, along with high participation and low unemployment, continues to reflect a tight labour market,” Ms Ford said.
