Recent data shows a drop in real unemployment

Research conducted by Roy Morgan has revealed that the Australian workforce is larger than ever before, following a drop in real unemployment rates. 

Real unemployment, as measured by this institute, accounts for those who may be employed in some capacity (over an hour a week) and those who are not actively seeking work. Due to different methodologies, figures produced by Roy Morgan and the Australian Bureau of Statistics (ABS) may vary.

In this instance, Roy Morgan estimated that 8.7 per cent of Australians were unemployed during July this year, 2.7 per cent higher than the ABS's figures. While this appears to be more negative finding, it represents a 1.5 per cent decrease from the previous year and has marked a continual five-month trend of falling real unemployment.

Out of the 12,673,000 Australians in the workforce, 11,576,000 are considered employed, a record high amount. The number in full-time employment also broke records, with 7,900,000 estimated to be working the equivalent of a 40-hour week. However, there was a drop in the number of part-time employees, down 73,000 since July last year to a total of 3,676,000.

As well as real unemployment rates, Roy Morgan also takes into account the rate of underemployment. This measures those in part-time employment who are seeking more hours, and 2,074,000 Australians were estimated to fit into this category. Executive Chairman Gary Morgan shared some insight into this oft-ignored sector.

"Today's estimates mean total Australian unemployment and under-employment has fallen to 2.07 million (16.4 per cent of the workforce) – the lowest level of total Australian unemployment and under-employment since December 2011," he stated.

"However, despite these figures moving in the right direction, Australian unemployment and under-employment has now been above 2 million Australians for 44 straight months."

In order to tap into the underemployment market, recruitment software may be useful in evaluating potential candidates who are currently employed and allow opportunities for this group to find full-time work.

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