Unemployment hits new lows

The unemployment rate in April has hit its lowest level since mid-1974 at just 3.9% (March was revised down from 4.0% to 3.9%) as another 4,000 were added to those employed. However, of real note was a huge jump in full-time positions (up 92,400) which saw total hours worked up 1.3% for the month to a new record high. Employment is now growing at an annual rate of 2.9%.

In Queensland total employment fell 14,800, although this was due to almost 27,000 fewer part-time positions; full-time employment was up 12,100 to another record high.

Nevertheless, the decline in employment saw the unemployment rate move higher to 4.5% (from 4.0%) even though employment growth for the year is stronger than at the national level (+3.6%) and hours worked jumped 3.3% in the month. The increase in the headline unemployment rate is disguising a strong jobs report for Queensland.

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