Original article by Michele Levine
Market Research Update – Page: Online : 9-Apr-24

Although total Australian unemployment or under-employment was virtually unchanged in March, the combined figure has averaged over 3 million (19.3% of the workforce) for the last six months, up from 2.86 million (18.8%) for the previous six months. Importantly, there has been a re-alignment in the employment markets in recent months with the increase in overall labour under-utilisation driven by a sustained rise in under-employment which is directly correlated to surging part-time employment. In March, part-time employment increased by 295,000 (up 6.1% on a month ago) to a new record high of 5,164,000. In contrast, full-time employment decreased by 256,000 (down 2.7%) to 9,103,000. This trend of the increasing casualisation of the workforce is evident when comparing the latest employment figures for March with a year ago. Since March 2023 part-time employment has surged by 580,000 (84% of jobs created over the last year) while full-time employment has increased by only 113,000 (16% of jobs created). As part-time employment increases it makes sense we see a sustained rise in under-employment – people who are working part-time but would like to work more hours or work full-time. These results indicate the underlying weakness in the economy with under-employment now over 1.5 million for six months in a row – this has never happened before, even during the recent pandemic – "another reason" why the Reserve Bank should consider reducing interest rates.

CORPORATES
ROY MORGAN LIMITED

Original article by Roy Morgan
Market Research Update – Page: Online : 9-Apr-24

In March 2024, Australian ‘real’ unemployment dropped 78,000 to 1,358,000 (down 0.5% to 8.7% of the workforce) as employment reached an all-time high of over 14.2 million. However, the composition of the workforce changed – part-time employment surged 295,000 (up 6.1%) to 5,164,000 (a new record high). Unfortunately, there was a substantial decrease in full-time employment, down 256,000 (down 2.7%) to 9,103,000 as the composition of the employment market changed significantly. The rise in part-time employment was correlated to the increase in under-employment, up 75,000 to 1,576,000 (10.1%, up 0.5%). In total a massive 2.93 million Australians (18.8%, unchanged) were unemployed or under-employed in March. This trend of the increasing casualisation of the workforce is evident when comparing the latest employment figures for March with a year ago. Since March 2023 part-time employment has surged by 580,000 (84% of jobs created over the last year), while full-time employment has increased by only 113,000 (16% of jobs created).

CORPORATES
ROY MORGAN LIMITED

Original article by Roy Morgan
Market Research Update – Page: Online : 20-Mar-24

In February 2024, Australian ‘real’ unemployment was virtually unchanged at 1,436,000 (9.2% of the workforce) and an additional 1,501,000 (9.6%) were under-employed. In total, 2.94 million Australians (18.8%) were unemployed or under-employed in February. Although unemployment and under-employment remain high, there has been a surge in employment over the last year – up by 711,000 to 14,228,000. This is the first month in which total employment has exceeded 14.2 million. Employment increased by 78,000 in February; full-time employment drove the increase (up 154,000 to a new record high of 9,359,000), while part-time employment dropped 76,000 to 4,869,000. The workforce in February was 15,664,000 (up 132,000 from January, and up 626,000 from a year ago). Roy Morgan’s unemployment figure of 9.2% is more than double the ABS estimate of 4.1% for January, but is approaching the combined ABS unemployment and under-employment figure of 10.7%. The February Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross-section of people aged 14+.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

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

In January 2024, Australian ‘real’ unemployment was virtually unchanged at 1,382,000 (8.9% of the workforce), and an additional 1,618,000 (10.4%) were under-employed. In total, 3 million Australians (19.3%) were unemployed or under-employed in January. Although unemployment and under-employment remain high, there has been a surge in employment over the last year – up by 732,000 to 14,150,000. This is the largest annual increase in employment since the end of the COVID-19 pandemic. However, employment dropped 25,000 to 14,150,000 in January. Full-time employment drove the decrease (down 37,000 to 9,205,000), while part-time employment increased 12,000 to 4,945,000. The workforce in January was 15,532,000 (down 7,000 from December, but up 507,000 from a year ago). Roy Morgan’s unemployment figure of 8.9% is more than double the ABS estimate of 3.9% for December, but is comparable with the combined ABS unemployment and under-employment figure of 10.4%. The January Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jan-24

The latest Roy Morgan employment series data shows that the number of Australians who are employed rose by 165,000 to a new record high of 14,175,000 in December 2023. The increase was due to a rise in full-time employment (up 234,000 to a new record high of 9,242,000), while part-time employment was down 69,000 to 4,933,000. Despite surging employment – up by 607,000 compared to a year ago – some 3.02 million Australians (19.4% of the workforce) were unemployed or under-employed in December (down 0.2% from November). Some 1,364,000 Australians were unemployed in December (8.8% of the workforce), a decrease of 141,000 from November (down 0.9%). In addition to the unemployed, a further 1.65 million Australians (up 119,000) were under-employed in December. Roy Morgan’s unemployment figure of 8.8% is more than double the ABS estimate of 3.9% for November, but is comparable with the combined ABS unemployment and under-employment figure of 10.4%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Original article by Roy Morgan
Market Research Update – Page: Online : 13-Dec-23

The latest Roy Morgan employment series data shows that the number of Australians who are unemployed fell by 37,000 to 1,505,000 (9.7% of the workforce, down 0.2%) in November. Under-employment fell by 45,000 to 1,532,000 (9.9% of the workforce). A total of 3.04 million Australians (19.6% of the workforce) were unemployed or under-employed in November. Meanwhile, employment rose by 51,000 to a new record high of 14,010,000 in November. The increase was due to a rise in part-time employment (up 52,000 to a new record high of 5,002,000), while full-time employment was virtually unchanged at 9,008,000. Roy Morgan’s unemployment figure of 9.7% for November is more than double the ABS estimate of 3.7% for October, but it is almost identical to the combined ABS unemployment and under-employment figure of 10.0%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Original article by Roy Morgan
Market Research Update – Page: Online : 9-Nov-23

The latest Roy Morgan employment series data shows that the number of Australians who are unemployed fell by 22,000 to 1,542,000 (9.9% of the workforce, down 0.3%) in October. However, underemployment rose by 248,000 to a record high of 1,577,000 (10.2% of the workforce). A total of 3.12 million Australians (20.1% of the workforce) were unemployed or underemployed in October, the highest figure since October 2020. Meanwhile, employment rose by 204,000 to a new record high of 13,959,000 in October. The increase was due to a rise in both full-time employment (up 46,000 to 9,009,000) and a large increase in part-time employment (up 158,000 to a new record high of 4,950,000). Roy Morgan’s unemployment figure of 9.9% for October is almost triple the ABS estimate of 3.6% for September, but it is almost identical to the combined ABS unemployment and under-employment figure of 10.0%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIAN BUREAU OF STATISTICS