Australia Adds Jobs but Participation Rate Makes Unemployment Rate Higher

Australia’s unemployment rate rose to 6.3% in November – the highest since 2002, government data showed.

The figure was up 0.1% from October despite 42,700 jobs being added to the economy, the Australian Bureau of Statistics (ABS) said.

Only 1,800 of those roles were full-time work, but the overall figure was higher than the 15,000 forecasted.

A higher participation rate – people in work or looking for it – offset the job gains, raising the jobless rate.

In reaction to the mixed data, Australian shares headed lower with the benchmark S&P/ASX 200 down 0.5% to 5,231 points.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza