Australia: Unemployment rate inches up in November
December 12, 2013
In November, the labor market created 21,000 new jobs compared to the previous month in seasonally-adjusted terms, which was a significant improvement over the 700 jobs lost in October (previously reported 1,100 jobs lost). The increase was more than double market expectations of 10,000 new jobs. The result was mainly backed by an increase in full-time positions (15,500 new jobs), although an improvement was also registered in part-time positions (5,500 new jobs).
Despite the improvement registered in new jobs, the unemployment rate inched up in November, as 3,400 people that were actively looking for jobs did not find one. As a result, the jobless rate increased from October's 5.7% to 5.8% in November, which was in line with market expectations.
FocusEconomics panelists expect the unemployment rate to average 5.7% in 2013, which is unchanged from last month's forecast. Next year, the panel expects the unemployment rate to inch up to 5.9%, which is also unchanged from last month's projection.