Australia’s unemployment rate stabilised at 3.4 percent in November, with record high levels of participant rate and higher-than-expected growth in employment.
According to the Australian Bureau of Statistics (ABS) latest labour force data, 64,000 Australians found a job in November, taking the number of employed people in the entire country to 13,769,400.
This figure came as a surprise for many economists because it was around three times the average monthly rate of new job creation. However, 7,000 people became jobless during the month, up 1.5 percent from October.
“With increases in both employment (up 64,000 people) and unemployment (up 7,000 people), the unemployment rate remained steady at 3.4 percent, while the participation rate increased to 66.8 percent,” ABS head of labour statistics Bjorn Jarvis said….