Australia’s unemployment remains at 5.6 per cent this November, while employment soars to approximately 12 million persons, revealed the Australian Bureau of Statistics (ABS).
The Australian Bureau of Statistics published its report showing the unemployment, employment, and participation figures for November. According to the report, after having fallen from 6.2 per cent last 2014, the trend unemployment rate continues to stay at 5.6 per cent for the second consecutive month.
If seen from a seasonally adjusted view, however, the number of people that are unemployed went up by 0.1 percentage points to 5.7 per cent. It is important to note that the seasonal adjustment depicts a more volatile performance and is not the best tool for analyzing labor market behavior, says the bureau.
In addition, the quarterly trend for underemployment remained at 8.5 per cent for the third consecutive month. Bruce Hockman, who is the General Manager for the Macroeconomic Statistics Division of ABS, said that despite not changing, that level is still historically high for the country.
On the other hand, 11, 949, 300 people had jobs that month with trend employment increasing by 3,100 people. The seasonally adjusted employment rate shows an increase of 39,100.
There were also 3,200 more people working part time and 100 less people working full time. Hockman also shared that there has indeed been a shift from full time work to part time work, especially during the first half of 2016.
With the increase in jobs, it can then be assumed that more people are participating in the economy. The seasonal adjustment level reflects this, revealing a small jump of 0.2 percentage points in participation and thus arriving at 54.6 per cent, whereas the trend participation rate has stayed at 64.5 per cent.
People also worked more hours with the trend monthly hours increasing by 0.1 percent which is by 0.8 million hours. Reflecting the decline in full time and the increase in part time work, total hours worked by laborers also fell and rose respectively.
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