The FINANCIAL — Australia’s unemployment rate fell sharply to a much lower-than-expected seasonally adjusted 5.9% in October from 6.2% in September, according to Nasdaq.
Economists had expected the jobless rate to remain unchanged at 6.2% in October.
The increase mainly in full-time employment was led by a robust recovery in eastern states such as New South Wales and Victoria, which are less exposed to a slowdown in mining investment than other states like Western Australia.
In New South Wales, the jobless rate fell to 5.5% in October from 5.8% in September. In Victoria, it decreased to 5.6% from 6.3%. In Western Australia, the unemployment rate rose to 6.4% from 6.1%.
The number of people employed overall jumped by 58,600, compared with an expected 15,000 rise, the Australian Bureau of Statistics said on November 12.
The number of people in full-time work rose by 40,000 in October, while those in part-time work increased by 18,600.
The bureau said its seasonally adjusted workforce participation rate, or the proportion of working-age people at work or actively seeking it, rose to 65.0% from 64.9% and a consensus expectation of 64.9%.
In trend terms, the unemployment rate was unchanged at 6.1%.
Discussion about this post