Australia: Unemployment rate unexpectedly drops in November
December 6, 2012
In November, the labour market added 13,900 jobs over the previous month in seasonally adjusted terms. The figure was above both the 10,200 increase recorded in October (previously reported: +10,700) and market expectations of no new jobs. The reading was driven by an increase in part-time jobs (+18,100), which more than compensated for a drop in full-time positions (-4,200).
Meanwhile, the number of total job seekers dropped by 16,300 persons in November (October: -10,000). As a result of the decrease, the unemployment rate dropped from 5.4% in October to 5.2% in November, the lowest jobless rate in seven months. The result contrasted market expectations of unemployment inching up to 5.5%.
Author: Armando Ciccarelli, Head of Data Solutions