The ABS has released labour force estimates for November with jobs surging 366,100 and the unemployment rate diving 0.6% to 4.6%, despite a large 1.4% rise in the participation rate:
The result smashed analysts’ expectations of 200,000 jobs growth.
The key figures are summarised below:
- Unemployment rate decreased to 4.6%.
- Participation rate increased to 66.1%.
- Employment increased to 13,177,300.
- Employment to population ratio increased to 63.0%.
- Underemployment rate decreased to 7.5%.
- Monthly hours worked increased by 77 million hours.
The unemployment rate is now tracking just above August’s 4.5% low, which was the lowest since 2008:
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I’ll return later with my usual detailed report.
