Unemployment at a 12-year low! Is this BS?
16 July 2021
Just when I was cheering about a great unemployment number of 4.9%,
which is the best in a decade, along come complaints that you can’t trust this
number and that it’s artificially created!
While this bleating is arguably true, I respectfully ask: “So what?” And
disrespectfully I suggest the complainers should save their whinging for
something really important.
So am I saying getting the accurate measure on the actual number of the
unemployed is unimportant? On thinking about it, the answer is yes, definitely
yes!
If this horrifies you, let me show the difference between you and an
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Roy Morgan Research has released its labour market survey for June, which recorded an unemployment rate of 9.4% (down from 10.3% in May) and an underemployment rate of 8.5% (down from 8.6% in May). This was from a 305,00 increase in employment to a record high 13.37 million Australians:
Australian employment increased by 305,000 to a record high of 13,374,000 in June including a record high 8,826,000 workers employed full-time, an increase of 147,000 from May and the eighth straight monthly increase. There was also an increase in part-time employment, up by 158,000 to 4,548,000.
1,394,000 Australians were unemployed (9.4% of the workforce), down 99,000 from May. Driving the fall was far fewer people looking for part-time work (down 111,000 to 824,000) but slightly more people looking for full-time work (up 12,000 to 570,000).
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