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.”