Aussie Unemployment holding near lows at 5.0%, Participation rising faster than expected into 65.6%

The Australian seasonally-adjusted Unemployment rate for October came in at 5.0%, holding steady at the previous reading and shrugging off broad market expectations for a tick upwards to 5.1%, while the Australian participation rate moved higher to 65.6%, outpacing both the 65.5% expectation and 65.4% previous showing.

Key highlights (via ABS)

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE) 

• Employment increased 32,800 to 12,671,500. Full-time employment increased 42,300 to 8,703,700 and part-time employment decreased 9,500 to 3,967,900.
• Unemployment increased 4,600 to 672,100. The number of unemployed persons looking for full-time work decreased 5,200 to 445,400 and the number of unemployed persons only looking for part-time work increased 9,800 to 226,700.
• Unemployment rate remained steady at 5.0%.
• Participation rate increased by 0.1 pts to 65.6%.
• Monthly hours worked in all jobs increased 6.1 million hours (0.3%) to 1,764.4 million hours.

TREND ESTIMATES (MONTHLY CHANGE) 

• Employment increased 25,400 to 12,665,800.
• Unemployment decreased 7,600 to 680,300.
• Unemployment rate decreased by 0.1 pts to 5.1%.
• Participation rate remained steady at 65.6%.
• Monthly hours worked in all jobs increased 3.6 million hours (0.2%) to 1,761.8 million hours.