Original article by Roy Morgan
Market Research Update – Page: Online : 14-Aug-24

In July 2024, Australian ‘real’ unemployment increased by 294,000 to 1,597,000 (up 1.8% to 10.1% of the workforce). This is the highest level of unemployment since August 2023 and was caused by a significant decline in part-time jobs during July after the end of the Mid-Year sales. Part-time employment dropped by 176,000 to 4,765,000 in July – the lowest level of part-time employment since July 2023. Although full-time employment increased marginally in July (up 24,000 to 9,390,000), overall employment for the month dropped by 152,000 to 14,155,000. In addition to the unemployed, a further 1.54 million Australians (9.7% of the workforce) were under-employed, i.e. working part-time but looking for more work, up 132,000 from June. In total 3.13 million Australians (19.8% of the workforce, up 2.5%) were either unemployed or under-employed in July. Roy Morgan’s unemployment figure of 10.1% is clearly more than double the ABS estimate of 4.1% for June, but it is approaching the combined ABS unemployment and under-employment figure of 10.6%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS