The unemployment rate remained steady at 3.5 per cent in December, despite a slight increase.
According to data released today by the Australian Bureau of Statistics, seasonally adjusted employment decreased by around 15,000 people, while the number of unemployed increased by 6,000 people.
This follows an increased of 58,000 employed in November, with average monthly growth of around 40,000 people between August and November 2022.
“The seasonally adjusted participation rate fell 0.2 percentage points to 66.6 per cent in December, back to around where it was in October,” Lauren Ford, head of labour statistics at the ABS, said.
“Despite this slight fall from its historic high, it finished the year 0.8 percentage points higher than its pre-pandemic level.”
The employment-to-population ratio decreased by 0.2 percentage points to 64.3 per cent. Despite this, it remains “historically elevated” according to the ABS, sitting 1.9 percentage points above the pre-pandemic level.
Seasonally adjusted monthly hours worked decreased by 0.5 per cent for the second consecutive month, following the peak in October.
“The falls in employment and hours worked in December followed strong growth through 2022, with an annual employment growth rate of 3.4 per cent and hours worked increasing by 3.2 per cent.
“The strong employment growth through 2022, along with high participation and low unemployment, continues to reflect a tight labour market,” Ford concluded.
