Australia: Unemployment rate falls in October
November 12, 2015
In October, the labor market gained 58,600 jobs compared to the previous month, in seasonally-adjusted terms. The decrease contrasted last month’s revised loss of 800 jobs (previously reported: -5,100 jobs). October’s tally also surprised markets, which had expected a much smaller 15,000 job increase in October. October’s result was driven by increases in both the number of full-time and part-time jobs. The number of part-time positions increased by 18,600 jobs (September: +9,600 jobs), while the number of full-time positions rebounded and rose by a strong 40,000 jobs (September: -10,400 jobs).
The labor market participation rate inched up to 65.0% in October from 64.9% in September. Due to the decrease in the number of jobs offsetting the increased participation rate, the unemployment rate in October inched down from 6.2% in September to 5.9%.
Author: Robert Hill, Economist