Canberra: Australia’s unemployment rate fell in November, defying the expectations of economists, official data has revealed. According to monthly labour force figures released by the Australian Bureau of Statistics (ABS) on Thursday, the official unemployment rate was 3.9 per cent in November, down from 4.1 percent in October and the lowest figure since March, reports Xinhua news agency.
News Corp Australia newspapers reported that economists had expected unemployment to rise to 4.2 percent. Australia’s central bank, the Reserve Bank of Australia (RBA), in November, said it expected unemployment to rise to 4.3 percent by the end of 2024.
However, the ABS said on Thursday that the number of employed Australians rose by 35,600 between October and November, while the number of unemployed people fell by 27,000 in the same period. The economy added 52,600 full-time jobs between October and November, the ABS said, which was partially offset by a fall in part-time employment of 17,000.
“In November, we saw a higher than usual number of people moving into employment who were unemployed and waiting to start work in October. This contributed to the rise in employment and fall in unemployment,” David Taylor, head of labour statistics at the ABS, said in a statement.
Responding to the data, Treasurer Jim Chalmers said in a statement posted on social media that the government’s policies are helping achieve a soft landing in the economy. The participation rate, which measures the proportion of the working-age population who are either employed or actively looking for work, fell slightly from 67.1 percent in October to 67.0 percent in November.