Australia Unemployment Rate

Australia’s seasonally adjusted unemployment rate stood at 4.1% in October 2024, holding steady for the third consecutive month and matching market estimates. The number of unemployed individuals increased by 8.3 thousand to a three-month high of 625.8 thousand, with those looking for full-time jobs rising by 8.2 thousand to 414.3 thousand while those seeking part-time jobs were unchanged at 211.4 thousand. In the meantime, employment rose by 15.9 thousand to a fresh record of 14.54 million, falling short of consensus of a 25 thousand gain and following a downwardly revised 61.3 thousand jump in September. Full-time employment increased by 9.7 thousand to 10.04 million, while part-time employment grew by 6.2 thousand to 4.50 million. The participation rate was at 67.1%, compared with forecasts and September's record top of 67.2%. The underemployment rate fell to 6.2% from 6.3% in September. Additionally, monthly hours worked in all jobs advanced by 3 million, or 0.1%, to 1,972 million.