Australia Unemployment


Australia: Unemployment rate hits over 12-year high

December 11, 2014

In November, the labor market gained 42,700 jobs compared to the previous month, in seasonally-adjusted terms, which was above the revised 13,700 jobs gain in October (previously reported: 24,100 gain). The figure overshot market expectations of a 15,000 gain. The increase in jobs was driven by a rise in part-time positions (40,800 created), whereas the number of new full-time positions generated decreased compared to last month.

Labor market participation increased slightly to 64.7% in November from October’s 64.6%. As a result, the unemployment rate rose to an over twelve-year high of 6.3% in November from October’s 6.2%.

FocusEconomics panelists expect the unemployment rate to average 6.0% in 2015, which is unchanged from last month’s forecast. In 2016, the panel expects the unemployment rate to inch down to 5.8%.

Author: Angela Bouzanis, Senior Economist

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Australia Unemployment Chart

Australia Unemployment November 2014

Note: Seasonally-adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.

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