Australia jobless rate drops to 6.4%; hours worked falls sharply due to leave

By Sophia Rodrigues

Published On 18 Feb 2021 , 12:08 PM

Australia's unemployment rate fell to 6.4% in January from 6.6% as the number of employed rose 29,100 while the number of unemployed fell 34,300, data from ABS showed. The participation fell to 66.1% from 66.2%, indicating there was a net flow from the unemployed to employed. 

The highlight of the data was a big fall in monthly hours worked which the ABS has attributed to larger-than-usual number of people taking leave during the holiday season (otherwise it is unusual to see such a large drop in hours worked (4.9%) when there is a net rise in full-time employment).

As a result, average hours worked per person dropped to the lowest on record 128.8 hours in January, compared to the previous low of 129.8 hours in April 2020 at the height of the pandemic. The month of February is likely to see a big reversal in hours worked.

LATEST SNIPPETS

Treasury to release MYEFO on Dec 16

There is greater interest in the Mid-Year Economic and Fiscal Outlook this year given the slow pace of government bor...

Published on : 10 Dec 2021 , 12:00 AM
No "reasonable" seller of April 2024 bond at RBA's QE

The RBA's bond purchase program included the April 2024 government bond for the first time since it abandoned the...

Published on : 08 Nov 2021 , 06:39 PM
A Few Things To Consider On RBA’s 10bps April 2024 Bond Before 11:15 AM

(This snipped was first published on Friday, October 29 at 9:37 AM as email to premium subscribers)

The Res...

Published on : 29 Oct 2021 , 04:37 PM
Will RBA Buy April 2024 Bond Today?

(This snipped was first published on October 28 at 1039 AM)

Australia’s bond market is once again tes...

Published on : 29 Oct 2021 , 04:36 PM
NAB Says RBA QE to End February 2022

National Australia Bank economists expect the RBA to end its bond purchase program (QE) by February, making it the fi...

Published on : 29 Oct 2021 , 02:39 PM
Australia's core CPI in RBA target band for first time since 2015

Australia's Q3 CPI shows core inflation rising into RBA's target band for the first time since 2015 (and impo...

Published on : 27 Oct 2021 , 11:39 AM
Australia's big four banks on RBA's 0.1% April 2024 target

Big four banks on the RBA's 0.1% target on April 2024 bond:

--ANZ expects the RBA to drop the target wh...

Published on : 27 Oct 2021 , 10:55 AM
ANZ economists expect RBA to drop April 2024 target if guidance shifts

Economists at ANZ Bank expect the RBA to drop the 10bps target on April 2024 bond if it brings forward timing for the...

Published on : 27 Oct 2021 , 09:18 AM
Australian dollar currency notes on issue crosses 100 billion

The amount of Australian dollar currency notes on issue crossed the A$100 billion mark this week, rising to A$100.153...

Published on : 22 Oct 2021 , 05:25 PM
Some Facts On RBA/AOFM Bond Lending Facility

Following RBA announcement after market hours Tuesday about indicative fee for borrowing (RBA as lender) April 2023 a...

Published on : 20 Oct 2021 , 10:12 AM