AUSTRALIA NOVEMBER 2024 UNEMPLOYMENT RATE AT 3.9% (BEATS EXPECTATIONS)

AUSTRALIA NOVEMBER 2024 UNEMPLOYMENT RATE AT 3.9% (BEATS EXPECTATIONS)
AUSTRALIA NOVEMBER 2024 UNEMPLOYMENT RATE AT 3.9% (BEATS EXPECTATIONS)

AUSTRALIA NOVEMBER 2024 UNEMPLOYMENT RATE AT 3.9% (BEATS EXPECTATIONS)

Unemployment Rate: Australia's unemployment rate dropped to 3.9% in November 2024, better than the expected 4.2% and down from 4.1% in October.

Employment Growth: Employment rose by 35.6k in November, significantly surpassing the expected 25.0k and prior month's growth of 15.9k.

Full-Time Employment: Full-time employment surged by 52.6k, while part-time employment decreased by 17k, contrasting with the previous month's 9.7k increase in full-time jobs.

Participation Rate: The participation rate slightly decreased to 67.0% from 67.1%, matching prior levels.

Underemployment Rate: The underemployment rate improved, dropping to 6.1% from 6.2%.

Labour Market Outlook: The strong employment report signals a healthy job market, supporting the Reserve Bank of Australia's stance on holding rates higher for longer. However, the RBA had recently softened its hawkish tone.

Trend vs. Seasonally Adjusted Data:

In trend terms, the unemployment rate held steady at 4.0%, and employment continued to rise.

In seasonally adjusted terms, the unemployment rate dropped to 3.9%, with employment increasing to 14.54 million.