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%.