Unemployment rate drops to 5pc as full-time jobs boom rolls on

Irving Hamilton
October 21, 2018

Economists feared the Holden closure would cause the state's unemployment rate to skyrocket but many businesses involved in the auto manufacturing supply chain succeeded in diversifying operations.

"Given Australia's experience to date, and the experience of a number of overseas economies, it is likely that the unemployment rate will have to track below current estimates of the NAIRU for some time before material wage pressures emerge", the report also commented.

The unemployment rate fell to new six-year lows in September as the jobs boom continued its slowdown. Additionally, August's job loss was revised downward from 200 jobs lost to 2,500 jobs lost.

At the State level, the jobless rate fell in NSW to 4.4 per cent, in Victoria to 4.5 per cent, in Queensland to 6 per cent, in South Australia to 5.7 per cent and the ACT to 3.6 per cent.

Employment Security paid unemployment insurance benefits to 44,558 people in September. In the Seattle/Bellevue/Everett region, the labor force increased by 1,900 over the same period.

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Job gains in trade, transportation and utilities led all other sectors in September with a gain of 1,200, followed by government (1,100), financial activities (900), construction (300), and information and professional and business services (each 200).

Washington added an estimated 99,700 new jobs from September 2017 through September 2018, not seasonally adjusted.

"Jobs growth in South Australia is strong, with unemployment falling from 7.7 per cent to 5.5 per cent over the last three years, " Ms O'Dwyer said.

Employment Security is a partner in the statewide WorkSource system, which offers a variety of employment and training services for job seekers, including free help with resumes, interviewing and skills training.

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