September figures released by the Australian Bureau of Statistics show the unemployment rate increased by 0.1% in September from 6.0%, with almost 30,000 jobs lost in September. The participation rate fell to 64.5 per cent, from a downwardly revised 64.7 per cent in August.
The ABS data revealed the total number of jobs in Australia fell by 29,700 to 11.59 million in the month on a seasonally adjusted basis.
Full-time employment rose by 21,600 positions in September, while part-time employment fell by 51,300. A significant number of males are now working part time with the total male part time workers at 17.4%, while female on part time jobs is still much higher at (46.4%). In comparison, 30 years ago only 6.2 per cent of all male workers were employed part-time.
The Australian Bureau of Statistics will issue a heavily revised set of unemployment data as concerns have increased regarding unemployment rate been lower than what we were led to believe by the previous official figures. The ABS issued a press release on Wednesday in which they admitted July and August data must be revised as there’s little evidence of ‘seasonality’ during those months. This questions the reliability of the data.
Previous unemployment rates shows a 12 year high of 6.4% and a drop to 6.1% respectively, but economists believe it has been 6% all along.
The problem was brought up on their latest monetary policy release in which they stated “Labour Market data has been unusually volatile this year”