Like in the United States and in Europe, and actually in any economy in the world, the Unemployment Rate is a leading indicator of economic health. The lower the better, and, if compared with the US, Eurozone and the UK economies, the unemployment level in Australia is by far the best out of the economies analyzed here. Levels of around 5% seem to be only a dream for most of the countries in the world, yet, Australia is having that kind of unemployment level for quite some time.
The unemployment rate shows the percentage of total workforce that is unemployed and actively seeking employment during the past month.
The most important things to take into consideration when looking at the Unemployment Rate indicator in Australia are:
- release date: monthly, about 10 days after the month ends;
- release time: 01:30 GMT during the Asian trading session;
- important volatility surrounding the release;
- closely watched by traders.