Employment in Australia Hits Highest Level in 13 Years
Employment in Australia Hits Highest Level in 13 Years
The Omicron variant outbreak in Australia caused many disruptions in the past months. Still, the unemployment rate in the country was recorded to fall to about 4 percent in February this year.
The unemployment rate is said to be the lowest experienced since 2008. The Australia Immigration Professionals further reported that employment got raised by 77,000 new jobs in the same month. This record is according to the Australian Bureau of Statistics’s figures for February.
Also, the underutilization rate is recorded to be 10.6 percent. This record shows that the underutilization rate, which is the combination of the employment and unemployment rates, dropped to its lowest level since 2008.
More Details about Employment and Unemployment Rates
In February, full-time employment in Australia increased by 121,900 while part-time jobs lessened by 44,500.
Since the participation rate rose to 66.4 percent, this figure is an all-time high in Australia. The Australia Immigration Professionals concluded that more people were looking for work.
The impact of the Omicron wave is only evident in the number of working hours. It is reported that there was an increase in the number of people working reduced hours as a result of illness leave.
In all, employment in Australia has been at its peak in the past 13 years. This trend is due to the lowest recording unemployment rate.
