Australia Macro Updates

The One Stop Portal for Australia Macroeconomic Data. Simplified and Summarized!

We simplify and summarize key data so that you don’t have to spend hours reading confusing and long media releases. Read key economic releases and major events here in under 2 minutes. And we will explain the key takeaway for you. Stay informed and form a robust view on macroeconomic matters to aid your successful investment decisions

18th Jan 2024

Labour Force, Australia

Key takeaway: The latest report from the Australian Bureau of Statistics showed the number of employed persons in Australia dropped in December 2023 by a very substantial 65K against consensus expectations for an increase of 18K jobs. The total number of employed persons decreased from 14.266mn in November to 14.201mn in December – on a seasonally adjusted basis. To put things into context, the decline of 65K was the largest since September 2021 (minus 122K) when much of Australia was shut down due to Covid lockdowns. The record number of jobs lost was approx. 584K during the peak of the Covid pandemic in April 2020. The other key point to note was that much of the job losses came from full time jobs (down 107K). The unemployment rate held steady at 3.9% primarily because the participation rate also fell from 67.2% to 66.8%.   

The monthly Labour Force Survey (LFS) provides information about the labour market activity of Australia’s resident civilian population aged 15 years and over. The LFS is designed to primarily provide estimates of employment and unemployment for the whole of Australia and, secondarily, for each state and territory. The sample size of the LFS is approximately 24,000 dwellings resulting in a sample of approximately 50,000 people.

Statistics from the monthly Labour Force Survey are released in two stages:
The initial release is Labour Force, Australia, which includes headline estimates of employment, unemployment, underemployment, participation and hours worked for Australia, and the states and territories.
The second release is Labour Force, Australia, Detailed, which includes more detailed monthly and quarterly data.

Australian Bureau of Statistics, Labour Force Australia