Australia's unemployment rate for December 2023 holds firm despite job decline

Australia's unemployment rate in December 2023 remained stable at 3.9%, according to the Australian Bureau of Statistics.

Despite a decline of 65,000 in employment and a modest decrease of 1,000 in the number of unemployed individuals, the overall unemployment rate held steady.

The fall in employment followed robust growth in October 2023 and November 2023, totalling 117,000 new jobs. However, the participation rate declined by 0.4% to 66.8%, returning to September 2023 levels.

While December saw a significant employment decline, the yearly average showed a steady increase of 32,000 people per month, indicating underlying strength in the labour market throughout 2023.

The underemployment rate for December 2023 stayed at 6.5%, and the underutilisation rate, combining unemployment and underemployment, held at 10.4%, reflecting a 3.5% decrease from pre-COVID-19 levels.