Global Economic News

Australia October Unemployment Rate 5.7%

The unemployment rate in Australia came in at a seasonally adjusted 5.7 percent in October, the Australian Bureau of Statistics said on Thursday.

That was in line with expectations and up from 5.6 percent in September.

However, the Australian economy added just 1,100 jobs in October to 11,639,200 - well shy of forecasts forecast for 10,000.

In addition, the September total of 9,100 new jobs was revised all the way down to 3,300 from the 9,100 originally reported.

Full-time employment saw a sharp decline of 27,900 jobs to 8,094,700 after dipping 1,800 a month earlier. But part-time jobs surged 28,900 to 3,544,500 following the addition of 5,200 in the previous month.

The participation rate was 64.8 percent, unchanged from the September reading following a downward revision from 64.9 percent. Forecasts were for 64.9 percent.

Unemployment increased 9,100 (1.3 percent) to 709,300. The number of persons looking for full-time work increased 9,800 to 521,900 and the number of persons looking for part-time work decreased 800 to 187,400.

Aggregate monthly hours worked increased 6.2 million hours to 1,648.5 million hours.

by RTTNews Staff Writer

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