CANBERRA: Australia’s unemployment rate decreased unexpectedly in November, surprising analysts as official figures showed a drop to 3.9%, the lowest since March. The Australian Bureau of Statistics (ABS) released its monthly labor force report on Thursday, revealing that the jobless rate fell from 4.1% in October, contrary to predictions that it would rise to 4.2%.
In a report by Xinhua News Agency, the ABS revealed that while analysts had expected a rise in unemployment, the labor market saw positive shifts. The number of jobless Australians dropped by 27,000, while the number of employed individuals increased by 35,600. Full-time employment increased significantly by 52,600 positions, though this was partially offset by a 17,000 decrease in part-time jobs.
David Taylor, the ABS’s Chief of Labor Statistics, attributed the improvement to a higher-than-usual number of jobseekers finding employment in November after having been in limbo in October. “We saw a greater than normal number of jobless individuals who were waiting to begin work in October finding jobs in November,” Taylor explained, which contributed to both increased employment and a decrease in unemployment.
While the Reserve Bank of Australia (RBA) had predicted that the unemployment rate would rise to 4.3% by the end of the year, the latest figures demonstrate a more resilient labor market than anticipated.
Responding to the statistics, Treasurer Jim Chalmers emphasized that government policies are playing a crucial role in facilitating the economy’s smooth adjustment. Despite the encouraging data, the participation rate, which tracks the proportion of working-age individuals either employed or actively seeking work, slightly decreased from 67.1% in October to 67.0% in November.
The unexpectedly low unemployment rate offers a promising outlook for Australia’s labor market as it navigates through economic challenges.
