Unemployment rate drops to lowest level in 8 years

Australia's trend unemployment rate remained steady in February 2019 at 5.0 per cent, from a revised January 2019 figure, according to the latest information released by the Australian Bureau of Statistics (ABS). 

"The trend unemployment rate declined 0.5 percentage points over the year, from 5.5 per cent to 5.0 per cent. The pace of decline slowed in recent months, which was consistent with the slowdown seen in recent job vacancies and GDP numbers," ABS chief economist Bruce Hockman said.

In February 2019, trend monthly employment increased by 20,600 persons, full-time employment rose by 12,300 persons and part-time employment increased by 8,200 persons.  

Over the past year, trend employment increased by 2.3 per cent, which was above the average annual growth over the past 20 years (2.0 per cent). 

The trend monthly hours worked increased by 0.1 per cent in February 2019 and by 1.9 per cent over the past year. This was slightly above the 20-year average year-on-year growth of 1.7 per cent.

Looking at the individual states and territories, the trend unemployment rate was relatively steady throughout Australia, with the exception of an increase in Tasmania and a decrease in Queensland.