Labour force figures released today by the ABS show that labour market conditions in Australia continued to recover in October, with employment increasing by 178,800 over the month, exceeding all market expectations.
Full-time employment increased by 97,000 (or 1.1 per cent), the largest monthly increase on record, while part-time employment rose by 81,800 (or 2.0 per cent).
All states and territories recorded an increase in employment in October, with the exception of Tasmania, where employment remained steady. Employment in Victoria rose by 81,600 over the month, the largest monthly increase on record, as restrictions in the state began to ease.
Hours worked also increased in October, by 20.6 million hours (or 1.2 per cent).
The unemployment rate increased slightly in October, by 0.1 percentage points, to 7.0 per cent.
The rise in the unemployment rate, however, occurred in conjunction with a significant increase in the participation rate, which rose by 0.9 percentage points, to 65.8 per cent in October 2020.
Minister for Employment, Skills, Small and Family Business, Senator the Hon Michaelia Cash, said the Government remains acutely aware that the economic and labour market fallout from COVID-19 will continue for some time to come.
“That is why the Morrison Government has committed an unprecedented $507 billion in economic support, to help rebuild the economy and put Australia back on the road to recovery,” Minister Cash said.
“This includes $257 billion in direct economic support including more than $101 billion in JobKeeper payments to help cushion the impact of COVID-19 which has led to the most severe global economic crisis since the Great Depression.
“This is the single largest economic support measure that any Australian Government has introduced, which will help mitigate the difficulties that businesses and employees are encountering as a result of COVID-19.”
Source: Thanks liberal.org.au