Australia employment rate drops to 5.4% in October, job growth slows

Omkar Godbole FXStreet Contributor

The jobless rate in Australia fell to 5.4% in October, but the pace of growth in jobs slowed. The economy added 3.7K jobs missing the estimated figure of 17.5K. The participation rate ticked lower to 65.1% from 65.2%. Full-Time jobs rose 24.3k in October versus 6.1k in September.

October Key Points

TREND ESTIMATES (MONTHLY CHANGE)

Employment increased 20,000 to 12,301,200.
Unemployment decreased 3,000 to 709,400.
Unemployment rate remained steady at 5.5%.
Participation rate remained steady at 65.2%.
Monthly hours worked in all jobs increased 3.5 million hours (0.2%) to 1,720.3 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

Employment increased 3,700 to 12,297,100. Full-time employment increased 24,300 to 8,425,400 and part-time employment decreased 20,700 to 3,871,700.
Unemployment decreased 8,100 to 701,500. The number of unemployed persons looking for full-time work remained steady at 485,900 and the number of unemployed persons only looking for part-time work decreased 8,100 to 215,600.
Unemployment rate decreased 0.1 pts to 5.4%.
Participation rate decreased 0.1 pts to 65.1%.
Monthly hours worked in all jobs increased 4.6 million hours (0.3%) to 1,723.7 million hours.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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