Australian labour market improves slightly but remains in a fairly weak state
The Australian Bureau of Statistics released the latest data today – Labour Force, Australia, May 2019 – which reveals a slightly improved labour market although full-time employment growth was weak and total hours worked declined. Underemployment rose slightly (0.1 points) to 8.6 per cent further accentuating the fairly weak overall situation. The total labour underutilisation rate (unemployment plus underemployment) remained steady at 13.7 per cent and the persistence of that level of wastage makes a mockery of claims by commentators that Australia is close to full employment. The other disturbing outcome was that full-time and total teenage employment also fell. My overall assessment is the current situation can best be characterised as remaining in a fairly weak state. Most of the dynamics over the last few months have been due to swings up and down in part-time employment.