Unemployment to drop to record lows by year-end
- Demand for workers has hit a 14-year high with unemployment poised to drop to record lows by 4Q22.
- Aussies worked 159m million fewer hours in January than in December, with the plunge due to people taking more time off ill.
- The number of job advertisements in February grew 8.4% from January, with the unemployment rate set to fall by year-end.
Demand for workers has hit a 14-year high with unemployment expected to drop to record lows by year-end, something not experienced since the 1970s, as Australia’s economy emerges from the pandemic.
However, Aussies worked 159 million fewer hours in January than in December, with the plunge in work not solely due to more workers taking summer holidays or unemployment, Australian Bureau of Statistics (ABS) figures have found.
The data, taken in the first half of February, found that unlike in January 2021 when hours worked fell 4.9% as more people were on leave, this time around the majority of the fall was due to workers working fewer, or no, hours due to illness.
Reports show that the number of job advertisements in February grew 8.4% from January, with the unemployment rate set to fall between 3% and 3.5% by the end of the year.
The ABS last reported the unemployment rate to be 4.2%.
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