BY PERSONNEL CONCEPT- LEADER IN SPECIALIST RECRUITMENT.

The unemployment rate has declined to 5.5% in May from 5.6% in April. Economists had predicted the unemployment rate to sit at 5.6%.

Along with these figures, the Australian Bureau of Statistics (ABS) also noted that the number of people employed increased in May by 1,100 to a figure of 11.6 million. 

However, this increase was mainly due to the increase in part-time or casual employment. 

According to the ABS, the number of people taking up part time jobs has increased by 6,500 to 3.5 million. 

Economists however are worried that these new rates are masking the actual rate of unemployment.

According to a recent article by ABC News, about 35% of Australians are employed on a casual or a part-time basis, and economists are suggesting that this figure is higher.

Many employers replaced full time jobs in Australia with part-time during the global financial crisis, and those jobs have yet to be converted back into full time. 

This employment uncertainty is a growing concern for the economy. People employed on part-time and casual contracts also tend to lose out on benefits such as carers leave and superannuation.

Source: abcnews

A large number of people working in part-time or casual based roles are willing to do more hours which can be an indication that the unemployment or under-employment rate is higher than being reported. 

Analysts are predicting the unemployment rate will rise to about 6% by the end of 2013.

AMP Capital economist Shane Oliver mentioned that this increase in the casual workforce is not good for the Australian economy, and that complete utilisation of the available resources in the labour market will lead to an active economy and increase the basic living standards.

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