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Roy Morgan Research (RMR) last night released its unemployment estimate for the month of November, which registered a 0.9% jump in the unemployment rate to 10.0% from 9.1% in October. However, unemployment was down 0.2% over the year (see next chart).
According to Gary Morgan, employment reached the highest level ever recorded in November, but this growth is still not enough to soak up the additional workers from Australia’s rampant population growth:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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