Australia: Unemployment rate steady at more-than-two-year high
November 8, 2012
In October, the labour market added 10,700 jobs over the previous month in seasonally adjusted terms. The figure was below the 15,500 increase recorded in September (previously reported: +14,500 jobs) but contrasted market expectations of 5,000 jobs lost. The reading was driven by an increase in full-time jobs (+18,700), which more than compensated for a drop in part-time positions (-8,000). Meanwhile, the number of total job seekers dropped by 8,800 persons in October (September: +38,800). Despite the decrease, the unemployment rate was unchanged at September's 5.4%, the highest jobless rate since April 2010, but was below market expectations of unemployment inching up to 5.5%.
Author: Armando Ciccarelli, Head of Data Solutions