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Australia’s Jobless Rate Higher Than Expected at 6.2%

Australia’s jobless rate remained at the highest level in almost 12 years, a sign that many businesses are reluctant to hire in an uncertain economic climate and that interest rates may need to stay at record lows for a while yet.

Unemployment stayed at a higher-than-expected 6.2% in October, the same as the recently revised number for September. Economists had expected the unemployment rate to ease to 6.1%.

The number of people employed rose by 24,100 in October, compared with an expected 10,000 rise, the Australian Bureau of Statistics said Thursday. The number of people in full-time work climbed by 33,400, while those in part-time work fell by 9,400.

WSJ [1]

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