Australia: Unemployment rate steady in October
November 7, 2013
In October, the labor market created 1,100 new jobs compared to the previous month in seasonally-adjusted terms, which was a significant deterioration over the 3,300 jobs created in September (previously reported 9,100). The figure significantly undershot market expectations of a 10,000 increase. The result reflected that an increase in part-time positions (28,900 new jobs) more than offset a sharp decline in full-time positions (27,900 jobs lost).
After the nearly-flat new jobs reading in October, the unemployment rate remained at September's 5.7%, which was in line with market expectations.
FocusEconomics panelists expect the unemployment rate to average 5.7% in 2013, which is unchanged from last month's forecast. Next year, the panel expects the unemployment rate to inch up to 5.8%, which is also unchanged from last month's projection.