Australia’s seasonally adjusted unemployment rate climbed to 3.7% last month
Australian wages and salaries in the private sector jumped up by 11.6% in the December quarter of 2022 when compared to 2021. This compared to company gross operating profit which stood at 16%, according to seasonally adjusted data from the Australian Bureau of Statistics.
The Bureau published its seasonally adjusted quarterly estimates in the private sector measuring sales, wages, profits and inventories for the December quarter 2022.
When compared to the previous quarter, wages and salaries rose by 2.6%, while company gross operating profits rose 11.6%.
On a quarterly basis, by industry, accommodation and food services saw the largest bump in wages and salaries at 7.7%, followed by arts and recreation at 7.4%. Transport, postal and warehousing went up by 6.3%; construction by 4.4%; and financial and insurance by 4.3%.
Data from the Bureau earlier this month showed that Australia’s seasonally adjusted unemployment rate climbed to 3.7% last month, the highest it’s been since May of last year but still a decline of 0.5% from the same month last year.