In November, Australia’s job market demonstrated remarkable vigor, with employment numbers exceeding predictions and the jobless rate dipping to 3.9%. The Australian Bureau of Statistics (ABS) recorded an addition of 35,600 jobs, outpacing the anticipated 26,000.
Let’s break down the highlights from November’s employment data:
- The unemployment rate dropped to 3.9%, down from October’s 4.1%.
- Total employment saw a boost of 35,600 jobs, exceeding expectations of 26,000.
- Full-time jobs increased by 52,600, bringing the total to 10,068,100.
- Part-time positions fell by 17,000, totaling 4,467,400.
- The participation rate edged down slightly from 67.1% to 67.0%.
The report from November revealed a notable shift with more individuals transitioning from unemployment to jobs, including those who were set to begin working back in October. This transition played a crucial role in both boosting employment figures and lowering the unemployment rate.
David Taylor, head of Labour Statistics at ABS, commented, “Comparing with pre-COVID outcomes, both unemployment and underemployment remain low, while trend employment and participation metrics are hovering near record highs. This indicates that the labor market continues to remain quite tight.”
Visualizing the data:
Even before the report, the Australian dollar had been edging higher against most other currencies, and the positive employment data further bolstered its strength. In the initial market reactions, we saw the AUD/USD pair surge by 0.62%, leading the upward trend, followed by gains against the Swiss franc (+0.56%) and the Canadian dollar (+0.54%).
The Australian dollar also held its ground against the NZD (+0.30%) and JPY (+0.49%), maintaining its upward trajectory, while other currency pairs hovered around their intraday peaks at the time of this report.
