A move lower in participation over recent months, combined with some healthy employment growth, has seen the Trend unemployment rate in Cairns move lower and hit a record low of just 3.0%.
Even with this move down in participation, the labour market still looks very strong. Growth in Female participation has been particularly strong over the course of thew past few years and we now see the Trend female unemployment rate at just 1.8% with males at 4.2%.
Employment growth, at 6.3%, remains strong when compared to +3.9% for QLD, +4.0% in Greater Brisbane and +3.7% for the Rest of Queensland.
The moves up we had been seeing in participation made getting the unemployment rate down very difficult to achieve by employment growth alone. These recent dips in PR have now provided the mechanism for the unemployment rate to hit these new lows.
Over the past 12 months we have added 8,500 to employment and seen the participation rate jump by 2.5 ppts. It is impressive that all the increase in employment has come from full-time positions.