Australia: Unemployment rate stable in November

Seasonally-adjusted employment increased by 64,000 in November, following 43,100 jobs added in October. November’s result was driven by an increase in full-time employment as well as in part-time employment.

Meanwhile, the seasonally-adjusted unemployment rate was stable at October’s 3.5% in November. Moreover, the participation rate was steady at October’s 66.7%, as did the seasonally-adjusted underemployment rate, unchanged from October’s 5.9% in November.

FocusEconomics panelists project the unemployment rate to average 4.0% in 2023, down 0.1 percentage points from last month’s estimate, and 4.3% in 2024.