Australia: Unemployment rate drops in November
Seasonally-adjusted employment soared by 90,000 in November, following revised 180,400 jobs gain in October (previously reported: +178,800). November’s result was again driven by a jump in both part-time and full-time employment. Analysts had expected employment to increase by 50,000.
Meanwhile, the seasonally-adjusted unemployment rate fell to 6.8% in November, from October’s 7.0%, beating market expectations of a 7.0% unemployment rate. Moreover, the participation rate rose from 65.8% in October to 66.1% in November. Additionally, the seasonally-adjusted underemployment rate fell from October’s 10.4% to 9.4%.