POST 124: BIG FALL IN NET MIGRATION PROVIDES A JOBS BONANZA FOR AUSTRALIA’S UNEMPLOYED

Summary

Brilliant news from the Australian Bureau of Statistics  labour force data for November 2021 with jobs growth of 366,000, well above the most optimistic forecasts. See Chart below.

The unemployment rate decreased from 5.2% to 4.6%, seasonally adjusted.

A jobs bonanza for Australia’s unemployed – turbocharged by the big fall in net migration due to the pandemic.

The most recent population statistics from the ABS revealed annual net overseas migration had dropped to -88,800.

Australia’s annual population growth was 46,000 people (0.2%) this was due to the natural increase in population of 134,800. 

Australia youth the big winners

Youth employment rose by 123,000 people, around one third of the total increase. Youth participation rate increased to 70.1 per cent, the highest it had been since March 2009.

(Source: Australian Bureau of Statistics,  Labour Force, Australia, Reference period November 2021)

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