The seasonally adjusted unemployment rate fell by 0.2 percentage points to 3.9 per cent in November, according to data released today by the Australian Bureau of Statistics (ABS).
Employment rose by 36,000 following a bump of 15,900 a month prior.
Consensus was for an unemployment rate of 4.2 per cent and a lift to employment by 25,000.
David Taylor, ABS head of labour statistics said: “With employment rising by 36,000 people and the number of unemployed decreasing by 27,000 people, the unemployment rate fell to 3.9 per cent.”
“In November we saw a higher than usual number of people moving into employment who were unemployed and waiting to start work in October. This contributed to the rise in employment and fall in unemployment,” Taylor said.
Employment grew 0.2 per cent in November 2024, following an average monthly rise of 0.3 per cent since the middle of 2024, in line with recent population growth.
“The participation rate fell by 0.1 percentage point to 67.0 per cent in November, from the historic high of 67.1 per cent in September. Despite the fall, the participation rate was the same as a year ago, and 1.5 percentage points higher than March 2020,” Taylor said.
The employment to population ratio rose marginally to 64.4 per cent, equal to the level a year ago and 2.2 percentage points above the pre-pandemic level.
“The recent growth in population has boosted the labour supply as employment has kept up with population growth,” Taylor said.
More to come.
