Younger Australians be part of labor market rebound

The Australian Bureau of Statistics (ABS) yesterday launched labor market knowledge for the month of February, which revealed that the youth labor market (i.e. Australians aged 15-24 ) joined the broader market rebound.

Australia’s youth unemployment fee was 12.9% in February, up from 14.0% in January. This compares to an unemployment fee of 4.5% in the remainder of the labor market.

Youth unemployment fell sharply in February 2021.

Jobs for youth elevated by 30,600 in February in comparison with a rise of 58,000 in the remainder of the labor market, with jobs for youth nonetheless 72,600 under their pre-COVID stage in March:

By comparability, jobs in the remainder of the workforce are 76,200 above their pre-COVID stage.

By way of annual progress, youth jobs fell 3.0% towards a rise of 0.5% in the remainder of the labor market.

Full-time youth jobs for youth fell 7.6% year-over-year in comparison with a 0.5% improve in part-time jobs:

Development in full-time youth employment stays strongly destructive.

The turnout rose 0.3% to 68.6% in February and is now 0.3% above its pre-COVID stage in March:

Youth labor market participation is now larger than the pre-COVID peak.

Youth underemployment elevated from 1.0% to 16.8% whereas underutilization (unemployment and underemployment mixed) declined from 0.1% to 29.7%:

Youth underutilization stays very excessive.

Whereas the rebound is welcome, the youth labor market is recovering at a slower tempo than the labor market as an entire.

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