Australia Unemployment

Australia

Australia: Unemployment rate steady at 12-year high

November 6, 2014

In October, the labor market gained 24,100 jobs compared to the previous month in seasonally-adjusted terms, which contrasted the revised 23,700 jobs loss in September (previously reported: 29,700 loss). The figure overshot market expectations of a 10,000 gain. The increase in jobs was driven by a rise in full-time positions (33,400 created), whereas 9,400 part-time positions were lost.

Labor market participation increased slightly to 64.6% in October from September’s 64.5%. The unemployment rate remained at September’s twelve-year high of 6.2% in October.

FocusEconomics panelists expect the unemployment rate to average 6.1% in 2014, which is unchanged from last month’s forecast. In 2015, the panel expects the unemployment rate to inch down to 5.9%, which is also unchanged from the previous month’s forecast.


Author: Angela Bouzanis, Senior Economist

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Australia Unemployment Chart


Australia Unemployment October 2014

Note: Seasonally-adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.


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