Australian Bureau of Statistics labour force data released this morning showed SA’s unemployment rate fell from January to February in seasonally adjusted terms from 4.0 per cent to 3.2 per cent.
The national unemployment rate was 3.7 per cent.
The state’s underemployment rate dipped slightly to 7.3 per cent which is the highest in Australia along with Tasmania. The participation rate, measuring those in work or actively seeking a job, rose slightly by 0.1 percentage points 63.1 per cent – the second lowest in the country ahead of Tasmania.
Of the other states, Tasmania recorded a 4.5 per cent jobless rate, followed by the Northern Territory at 4.4 per cent and ACT at 4.2 per cent.
New South Wales recorded an unemployment rate of 3.6 per cent, and Victoria’s was 3.9 per cent, equal to Queensland.
Premier Peter Malinauskas welcomed the figures as a first for South Australia.
“That has never happened before,” he said on LinkedIn.
“We now have the BEST unemployment rate in the whole nation, and at 3.2%, it is the LOWEST ever recorded in the history of South Australia.
“The eyes of the nation are now on SA and we are kicking goals.
“There’s still lots of work to do, particularly on cost of living, but the people and businesses of SA can be proud of what’s been achieved.”
Nationally, 116,000 jobs were added in February – 78,200 full-time and 38,300 part-time jobs – taking the total number of jobs to 14,269,000
“With employment growing by around 116,000 people, and the number of unemployed falling by 52,000 people, the unemployment rate fell to 3.7 per cent,” ABS head of labour statistics Bjorn Jarvis said.
The boost in employment in February followed a couple of weaker months triggered by a larger-than-usual number of people with a job waiting to start a new one, the bureau said.
The Reserve Bank of Australia expects a gradual softening in the labour market in the period ahead due to its interest rate hiking cycle aimed at bringing down inflation.
It has forecasted an unemployment rate of 4.2 per cent by the middle of the year and 4.3 per cent by the end of 2024.
– with AAP
