Australia Unemployment Rate is a percentage of unemployed workers in relation to the total civilian labor force. In the indicator calculation, the person who has been actively seeking job during the past four weeks and cannot start working right now is defined as unemployed. Such a person is included in the unemployment rate regardless of whether this person is receiving unemployment benefits.
The indicator is calculated based on the Monthly Population Survey. The survey is based on a sample of approximately 26,000 private dwellings and covers approximately 0.32% of Australian citizens aged 15 years and over. The survey does not include members of the permanent defense forces, diplomatic personnel of overseas governments, overseas residents in Australia and members of non-Australian defense forces stationed in Australia.
This indicator is the most commonly used rate for assessing the state of the Australian labor market. It is one of the key indicators of the country's economic development. It is not a forecast indicator. Its growth or decline is actually a result of changes in the economic situation.
The Reserve Bank of Australia uses the unemployment rate as one of the key parameters in determining current-period interest rates. The lower the unemployment rate, the more optimistic is the assessment of the country's economic health. Conversely, growth in the unemployment rate affects the Australian dollar quotes negatively.
The chart of the entire available history of the "Australia Unemployment Rate" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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