The Australian Bureau of Statistics (ABS) has just released labour force data for the month of October, which recorded an increase in the headline unemployment rate to a seasonally-adjusted 5.7%, up from 5.6% reported in September. The result was in line with analysts’ expectations (see below table).
The participation rate remained steady at 64.8% following a downward revision to the September estimate (previously 64.9%).
Overall employment rose by 1,100, with full-time jobs falling by 27,900 to 8,094,700 and part-time employment increasing 28,900 to 3,544,500. However, aggregate monthly hours worked increased 6.2 million hours to 1,648.5 million hours.
So overall, it looks like a mixed report. I’ll be back later this afternoon with my usual detailed analysis.
