Australia: Unemployment plunges in November amid easing of restrictions
Seasonally-adjusted employment increased by 366,100 in November, following 56,000 jobs shred in October. November’s result was driven by an increase in both part-time and full-time employment.
Meanwhile, the seasonally-adjusted unemployment rate fell to 4.6% in November, from October’s 5.2%. Moreover, the seasonally-adjusted underemployment rate plunged from 9.5% in October to 7.5% in November. Additionally, the participation rate jumped to 66.1% from October’s 66.1%.
Commenting on the release, Robert Carnell, Asia-Pacific regional head of research at ING, stated:
“We might have expected the return from lockdown to push the unemployment rate higher, as many of those not regarded as being in the labour force during lockdowns (the unemployed are required to be actively looking for work to be counted as such) would have returned, but may not have found work immediately. The fact that this did not happen suggests that the underlying economy is really in pretty good shape and was able to readily absorb the influx of new job seekers.”