In January, Australia’s Unemployment Rate Increased to 3.7%
The unemployment rate in Australia increased to 3.7% in January this year. This rise is because the number of unemployed in the country grew by 22,000.
Generally, January is usually the most seasonal time of the year in the Australian labour market. This statement is according to Bjorn Jarvis, the Head of Labour Statistics at the ABS. This time of the year is filled with people leaving their jobs, especially those who found seasonal work in Australia during the holidays. Also, people are seen preparing to start new jobs in Australia and return from leave during this period.
It was thus surprising to see an unusual number of people with a job claiming they were starting or returning to work in Australia later in the month this January.
According to Australia Immigration Professionals, it should be noted that Australia is enjoying one of the lowest unemployment rates in the world.
Details about Australia's Employment Situation in January
While the unemployment rate in Australia rose to 3.7%, underemployment remained steady at 6.1%. Underemployment measures Australians who are employed at the moment, but wish to work more.
According to Reserve Bank, the unemployment rate will likely reach 4.5%. After that, inflation is expected to be a manageable 3%, reported Australia Immigration Professionals.
"While the unemployment rate in Australia rose to 3.7%, underemployment remained steady at 6.1%. Underemployment measures Australians who are employed at the moment, but wish to work more. "
Increase in Unemployment Rate in Australia
According to Bjorn Jarvis, January reflected an unusual rise in unemployed people in Australia. Nonetheless, Australia has one of the lowest unemployment rates in the world.
