Australian Bureau of Statistics data released today showed the state’s unemployment rate fell from 5.5 per cent in September to 5.4 per cent in October (seasonally adjusted).
The participation rate (the proportion of South Australians either in work or looking for a job) increased by 0.5 percentage points – the biggest increase of all the states.
Underutilisation in South Australia – a combination of the underemployed and unemployed – remained unchanged at 14.8 per cent (seasonally adjusted).
The more stable trend rate was unchanged on 5.5 per cent.
Nationally, Australia’s unemployment rate was steady at a six-year seasonally adjusted low of 5.0 per cent, slightly better than market expectations, with 32,800 more people in a job since September.
The seasonally adjusted participation rate increased by 0.1 per cent to 65.6 per cent, also better than expectations, while the monthly hours worked in all jobs increased by 6.1 million hours, or 0.3 per cent, in October.
The last time the seasonally adjusted unemployment rate was this low was April 2012, and the last time it was lower was June 2011’s 4.9 per cent.
The Australian dollar spiked on the release of the data, climbing from 72.33 US cents to 72,75 US cents.
South Australian Minister for Industry and Skills David Pisoni said the ABS figures were encouraging.
“The number of hours worked in October, compared to the same month last year, increased by 1.9 million, which equates to $70 million in the local economy, assuming the average hourly-rate per hour worked,” he said.
“These figures point to a South Australian economy that is steadily growing, as business and consumer confidence is revitalised by the Marshall Government.”
– with AAP
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