Sydney Australia skyline

Australia Unemployment November 2023

Australia: Unemployment rate rises in November

Seasonally-adjusted employment rose by 61,500 in November, following 42,700 jobs added in October. November’s result was driven by an increase in both part-time and full-time employment.

The seasonally-adjusted unemployment rate rose to 3.9% in November from October’s 3.8%. Meanwhile, the seasonally-adjusted underemployment increased to 6.5% from October’s 6.3%, while the participation rate rose to 67.2% from October’s 67.0%.

Commenting on the outlook, Lee Sue Ann, economist at UOB, stated:

“Going forward, we expect further slowing in labour demand with the unemployment rate rising to around 4.5% by late 2024. Wage growth is expected to peak at around 4%, strongest pace since 2009, before declining gradually as labour market conditions ease.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest