Unemployment: compared to the rest of the developed world Australia is not doing too badly

U.S. Bureau of Labor Statistics, International Labor Comparisons

In May 2011 the official U.S. unemployment rate was 9.1 per cent, the latest figures available from the U.K. show an unemployment rate of 7.7 per cent (March) and, in New Zealand  and Canada the rate stands at 6.6 per cent and 7.6 per cent (April) respectively. Also in April 2011 Japan recorded a seasonally adjusted  unemployment rate of 4.7 per cent.

How the Australian Bureau of Statistics sees the Australian labour force in its latest release for May 2011:

MAY KEY POINTS

TREND ESTIMATES (MONTHLY CHANGE)

• Employment increased to 11,444,200.
• Unemployment decreased to 588,400.
• Unemployment rate steady at 4.9%.
• Participation rate steady at 65.6%.
• Aggregate monthly hours worked increased to 1,602.5 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

• Employment increased 7,800 (0.1%) to 11,440,500. Full-time employment decreased 22,000 to 8,027,100 and part-time employment increased 29,800 to 3,413,500.
• Unemployment increased 8,900 (1.5%) to 592,800. The number of persons looking for full-time work increased 6,700 to 421,800 and the number of persons looking for part-time work increased 2,200 to 171,100.
• The unemployment rate remained steady at 4.9%. The male unemployment rate decreased 0.2 pts to 4.5% and the female unemployment rate increased 0.4 pts to 5.4%.
• The participation rate remained steady at 65.6%.
• Aggregate monthly hours worked increased 6.4 million hours to 1,601.1 million hours.

LABOUR UNDERUTILISATION (QUARTERLY CHANGE)

• Trend estimates: The labour force underutilisation rate decreased 0.1 pts to 12.0%.
• Seasonally adjusted estimates: The labour force underutilisation rate increased 0.2 pts to 12.2%. The male labour force underutilisation rate increased 0.2 pts to 10.2%. The female labour force underutilisation rate increased 0.2 pts to 14.6%.

UNDEREMPLOYMENT RATE (TREND ESTIMATES)

MALES
The trend estimate of the underemployment rate for males fell from 5.6% in May 2001 to 5.2% in August 2002 before rising to 5.4% in May 2003. The trend then generally fell to 4.3% in May 2008 before rising to 6.3% in August 2009. The trend has since fallen to 5.3% in May 2011.

FEMALES
The trend estimate of the underemployment rate for females rose from 9.1% in May 2001 to 9.6% in February 2002. The trend then fell to 9.3% in August 2002 before rising to 9.7% in February 2004. The trend then fell to 7.8% in May 2008 before rising to 9.8% in November 2009. The trend has since fallen to 9.0% in May 2011.