The FINANCIAL — Australia’s unemployment rate declined in November, contrary to market expectations, as the economy produced 71,400 new jobs mostly in New South Wales state, according to Nasdaq.
Economists had expected the number of people in work to fall by 10,000 from the previous month. The unemployment rate fell to 5.8% in November from 5.9% in October–compared with a consensus estimate of a rise to 6.0%.
New South Wales added 50,300 jobs, signaling a surge in employment in parts of the economy not related to mining. Resource-rich Australia is in the midst of a sharp slowdown in mining investment.
The Australian dollar surged against the U.S. currency following the release of the data.
The number of people in full-time work rose by 41,600, while those in part-time work increased by 29,700, the Australian Bureau of Statistics said on December 10.
It added that the workforce participation rate, or proportion of working-age people in employment or actively seeking it, rose to 65.3% in November from 65.0% in October. The amount of monthly hours worked across the economy decreased by 0.8%.
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