Australia November unemployment rate 3.9% (vs. 4.2% expected)… did a double take on that

The latest Labour Force report from the Australian Bureau of Statistics, for November 2024

Just … wow.

Employment +35.6k

• expected +25.0k, prior +15.9.1k

Unemployment Rate 3.9%

• expected 4.2%, prior 4.1%

Participation Rate 67.0%

• expected 67.1%, prior 67.1%

Full Time Employment +52.6k (part time is down 17K from October +6.2K)

• prior +9.7k

The October report was a bit of a let down, but this is a huge bounce back in November. The jobless rate back under 4%, albeit with participation a touch lower also.

The Reserve Bank of Australia have been relatively sanguine about slippage in the labour market, today’s report is a good one and will make them even happier. If the Bank wants to hold rates higher for longer the jobs market won’t stand in their way. Do bear in mind though that the Bank did soften its hawkish stance at this week’s meeting.

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More from the Australian Bureau of Statistics:

In trend terms, in November 2024:

• unemployment rate remained at 4.0%.
• participation rate remained at 67.1%.
• employment increased to 14,544,200.
• employment to population ratio remained at 64.4%.
• underemployment rate remained at 6.2%.
• monthly hours worked increased to 1,970 million.

In seasonally adjusted terms, in November 2024:

• unemployment rate decreased to 3.9%.
• participation rate decreased to 67.0%.
• employment increased to 14,535,500.
• employment to population ratio increased to 64.4%.
• underemployment rate decreased to 6.1%.
• monthly hours worked decreased to 1,965 million.
• full-time employment increased by 52,600 to 10,068,100 people.
• part-time employment decreased by 17,000 to 4,467,400 people.

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Background to this is here:

• Australia’s labour report improved in October

This article was written by Eamonn Sheridan at www.forexlive.com.