Western Australia’s unemployment rate has increased by 0.1 per cent taking it to 6 per cent in March, making it 1 per cent higher than the national average of 5 per cent.
Western Australia’s unemployment rate has increased by 0.1 per cent taking it to 6 per cent in March, making it 1 per cent higher than the national average of 5 per cent.
Seasonally adjusted figures from the Australian Bureau of Statistics released today showed Western Australia’s unemployment rate was one of the worst in the country, only better than Queensland (6.1 per cent) and Tasmania (6.7 per cent).
Victoria and New South Wales had the lowest levels of unemployment with rates of 4.6 per cent and 4.3 per cent respectively.
In Western Australia in March, 85,000 people were unemployed and 65,200 were unemployed and looking for fulltime work.
Participation was steady with a rate of 67.8 per cent, the same as in February.
Unemployment rates for women decreased from 5.6 per cent last month to 5.3 per cent in March while male unemployment had increased from 6.1 per cent to 6.5.
Employment opportunities for young people aged 15-24 increased with the unemployment rate falling from 15.2 per cent in February to 13.7 in March and from 17.1 per cent at the same time last year.
The percentage of people who were underemployed increased from 8.7 per cent in February to 8.9 per cent in March.
Chamber of Commerce and Industry of WA chief economist Rick Newnham said the total number of West Australians in employment had been falling for six consecutive months.
“By comparison to the rest of the nation, the total number of Australians in employment has been growing every month for more than five years," Mr Nenham said.
Mr Newnham highlighted how WA was experiencing very different economic conditions to the east coast and immediate action must be taken for West Australians to have secure employment.
Nationally, ABS data showed the unemployment rate remained steady at 5 per cent.
ABS labour statistics program manager Bjorn Jarvis said the unemployment rate had been steady at this level for the last five months.
The full time workforce increased by 48,300 people while part time employment decreased by 22,600 people.
National youth employment was high at 12.8 per cent, compared to 11.9 per cent in February.
The participation rate was lower than Western Australia’s and stable at 65.7 per cent, while in February it was 65.6 per cent.
Indeed Asia Pacific economist Callam Pickering said from the perspective of policymakers, particularly the Reserve Bank, this would be viewed as a positive report.
“But we also cannot ignore that these labour market indicators lag economic growth,” Mr Pickering said.
“Growth slowed rapidly over the second half of 2018 and may not yet be reflected in these employment figures.”
He suggested he wouldn’t be surprised if employment growth was to slow over the next six months and if the national unemployment rate increased a little as well.
“That general belief is one of the key reasons why many economists and the market more generally, believe that the Reserve Bank will cut rates soon,” he said.
“May or June may be off the table, owing to today’s strong employment figures, but a rate cut later this year still appears more likely than not.”
