In November, Australia’s job market exceeded expectations for the second consecutive month. The country has witnessed a substantial surge in net employment, as disclosed by the Australian Bureau of Statistics on Thursday, 14, December, 2023.
The data revealed a noteworthy increase of 61,500 jobs in November, surpassing the revised October figure of 42,700. Market projections had initially predicted a more conservative rise of approximately 11,000.
The surge in full-time employment, totalling 57,000 jobs in November, contributed to the overall growth in the workforce.
Despite the positive momentum in employment, there was a simultaneous increase in the unemployment rate to 3.9 per cent, up from the revised 3.8 per cent. This marks the highest level since May of the previous year.
Remarkably, the participation rate also reached a new pinnacle, climbing to a record 67.2 per cent. Clearly, increased employment opportunities, a growing workforce, and heightened job-seeking activity, are together shaping the evolving landscape of Australia’s labour market.