More jobs but unemployment rate still up

More than 46,100 jobs were created last month yet Australia’s unemployment rate still rose from a revised figure of 5 per cent in April to 5.1 per cent in May.

According to seasonally adjusted figures from the Australian Bureau of Statistics while 46,100 full-time jobs were added to the economy, 7,200 part-time jobs disappeared creating an overall bump in jobs of 38,900.

The participation rate counts those people in jobs or actively looking for work and the rate rose from 65.2 per cent to 65.5 per cent in May. The total number of people employed in Australia is now 11.5 million.

Female unemployment rose from 5.2 per cent in April to 5.5 per cent in May while male unemployment remain unchanged at 4.8.

So far Australia’s unemployment figures have been 5.1 per cent in January, 5.2 per cent in February and March and 4.9 per cent in April revised up to 5 per cent.

Queensland’s rate continues to bounce. Unemployment was 5.5 per cent in March then it dropped to 5.1 per cent in April and now has increased sharply to 5.7 per cent.

NSW unemployment rate was 5.1 per cent i9n May, 4.9 per cent in April and 4.8 per cent in March.

Victoria’s rate also move up to 5.4 per cent. It was 5.3 per cent in April and 5.8 per cent in March.

South Australia’s jobless figure was 5.1 per cent in May after running to 5.2 per cent in March and April.

Tasmania also saw improvement going from an unemployment rate of 7 per cent in March, to 8.3 per cent in April and down to 6.6 per cent in May.

The ACT rose slightly to 3.4 per cent in May (3.4 per cent in March, 3.3 per cent in April).

Western Australia’s unemployment rate was unchanged from April at 3.8 per cent (4.1 per cent in March).

The Northern Territory’s jobless rate rose slightly to 4 per cent (3.9 per cent in March and 3.8 per cent in April).

Treasurer Wayne Swan announced a few days ago that Australia’s National Accounts shows that the economy had grown by 4.3 per cent in the past year making it the fastest growing advanced economy in the world.

Fair Work Australia’s has also recently lifted the weekly minimum wage from $589.30 to $606.40 a week effective from July 1.

The increase of $17.10 or 2.9 per cent is a first since 2011 and sets the minimum hourly rate at $15.96.
While the employment news in Australia is considered good, around the world employment rates are woeful.

In Greece unemployment has hit an official 21.9 per cent and in France it hit 10 per cent. The overall unemployment rate for Europe is 11 per cent across the 17 countries that use the euro. About 17.4 million are unemployed in Europe – 1.8 million higher than in April 2011. Youth unemployment is running at more than 17 per cent but in Greece and Spain it is 50 per cent.

In the US unemployment rose slightly in May to 8.2 per cent – the first rise in nine months. In the UK it fell in April to 8.2 per cent from 8.4 per cent in March. May statistics were not available.

CareerOne.com.au, June 2012.