Australia Unemployment Rate

Australia’s seasonally adjusted unemployment rate dropped to 3.9% in November 2024 from 4.1% in the prior three months, defying market estimates of 4.2%. It was the lowest jobless rate since March as the number of unemployed fell by 27 thousand to an 8-month low of 595.3 thousand, with those seeking full-time jobs shrank 14.9 thousand to 397.6 thousand and those looking for part-time jobs dipping 12.1 thousand to 197.7 thousand. Employment grew by 35.6 thousand to a fresh high of 14.54 million, easily topping consensus of a 25 thousand gain and picking up from October's 12.2 thousand rise. Full-time employment climbed 52.6 thousand to 10.07 million, but part-time employment dropped 17 thousand to 4.47 million. The participation rate stood at 67.0%, compared with forecasts of 67.1% which was also October's print and a record peak previously hit in September. The underemployment rate inched down to 6.1% from the prior 6.2%. Monthly hours worked in all jobs were stable at 1,965 million.