In November, the workforce experienced a decline in full-time employment, with 57,000 people stepping away from their jobs. This decrease was more pronounced among males, with 40,000 leaving the workforce, while 16,000 females also exited.
Conversely, part-time employment saw an uptick, perhaps buoyed by an increase in seasonal hiring for the Christmas period, resulting in an additional 35,000 people securing jobs.
Despite these shifts, the overall employment landscape has maintained a sense of stability. Sean Crick, head of labour statistics at the Australian Bureau of Statistics (ABS), noted, “The unemployment rate has remained at 4.3 percent in five of the last six months.”
Crick further explained, “In November, both the number of unemployed and employed individuals saw a reduction, by 2,000 and 21,000 respectively.”
Today’s unemployment figures, while anticipated by financial markets and economists, offer little clarity for those closely monitoring the Reserve Bank of Australia’s (RBA) next moves. The data leaves economic forecasters pondering the implications for future monetary policy decisions.
Today’s unemployment result, which was largely forecast by financial markets and economists alike, does little to clear the clouds from the crystal balls of RBA watchers.
Unemployment is steady and historically low, with many predicting there may be as little as one hike in 2026.
