Australia Unemployment Rate Falls To 5.8%

The jobless rate in Australia slipped to a seasonally adjusted 5.8 percent in November, the Australian Bureau of Statistics said on Thursday. That handily beat forecasts for 6.0 percent and was down from 5.9 percent in October. The Australian economy added 71,400 jobs in November to 11,900,600 - blowing away forecasts for a decline of 10,400 jobs following the downwardly revised increase of 58,300 (originally 58,600). Full-time employment increased 41,600 to 8,205,800 and part-time employment increased 29,700 to 3,694,800. The participation rate came in at 65.3 percent - also beating forecasts for 65.0 percent, which would have been unchanged. Unemployment decreased 2,800 to 739,100. The number of unemployed persons looking for full-time work decreased 9,400 to 517,400 and the number of unemployed persons only looking for part-time work increased 6,600 to 221,700. Monthly hours worked in all jobs decreased 12.7 million hours (0.8 percent) to 1,645.9 million hours. The labor force underutilization rate decreased 0.2 points to 14.3 percent, based on unrounded estimates. The male labor force underutilization rate fell 0.2 points to 12.3 percent. The female labor force underutilization rate decreased 0.2 points to 16.6 percent.

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