Australian Unemployment Rate Hits a New Low

In a recent announcement, the Australian Bureau of Statistics (ABS) revealed that the seasonally adjusted unemployment rate in Australia fell to 3.9% in November, a significant drop from the previous month's 4.1%.

The job market showed robust growth, with 35,600 people finding employment in November, surpassing both market forecasts and the 15,900 jobs added in October. This growth was primarily driven by a 52,600 increase in full-time employment, bringing the total to 10,068,100 people, while part-time employment saw a decline of 17,000 to 4,467,400 people.

The number of unemployed individuals decreased by 27,000, and the employment-to-population ratio rose to 64.4%. Additionally, the underemployment rate dropped to 6.1%, indicating a healthier job market. However, the participation rate dipped slightly to 67.0%.