The latest labour force data is good news piled upon good news.
For starters, the unemployment rate fell from 5.2% in October to 4.6% in November (see graph), according to the Australian Bureau of Statistics. Second, the underemployment rate fell from 9.5% to 7.5%.
Sometimes, the unemployment rate falls not because job numbers rise but because the participation rate (the share of people looking for work) falls. However, that was not the case in November.
The participation rate shot up from 64.6% to 66.1%. Also, the total number of hours worked by Australia’s labour force jumped 4.5%. So this was a meaningful improvement in the country’s employment landscape.
Want more updates like this? Join the online community!