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.
Leith van Onselen is Chief Economist on the MB Fund and the MB Tremendous. He’s additionally the co-founder of MacroBusiness. Leith beforehand labored for the Australian Treasury, the Victorian Treasury and Goldman Sachs.
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