Australia Posts 4.3 Percent Drop in Jobless Rate
(MENAFN) Australia's labor market staged a swift recovery in October, shedding the unemployment spike that had gripped the nation the previous month, data released Thursday by the Australian Bureau of Statistics (ABS) revealed.
The jobless rate contracted sharply to 4.3 percent in October from September's punishing 4.5 percent—a near four-year high not witnessed since November 2021. The single-month improvement signals renewed momentum in employment as employers increased headcount and Australians moved back into the workforce.
"The October figure matched the unemployment rate reported in June, July and August," said Sean Crick, head of labor statistics at the ABS, underscoring that last month's reading aligned with the preceding three-month average before September's deterioration.
Employment rolls swelled by 42,200 workers across the two-month span, while the jobless pool contracted by 17,000 during the identical period. Full-time positions surged by 55,300—offsetting a 13,100-person dip in part-time roles, a composition shift favoring stable, permanent work.
The employment gain exceeded seasonal norms. "More people moved into employment compared to a typical October," Crick noted, suggesting underlying labor demand exceeded historical patterns for the month.
Hours worked across the economy climbed 0.5 percent month-on-month, reaching 1.99 billion hours in October—a gauge of sustained productivity despite the earlier unemployment climb.
The jobless rate contracted sharply to 4.3 percent in October from September's punishing 4.5 percent—a near four-year high not witnessed since November 2021. The single-month improvement signals renewed momentum in employment as employers increased headcount and Australians moved back into the workforce.
"The October figure matched the unemployment rate reported in June, July and August," said Sean Crick, head of labor statistics at the ABS, underscoring that last month's reading aligned with the preceding three-month average before September's deterioration.
Employment rolls swelled by 42,200 workers across the two-month span, while the jobless pool contracted by 17,000 during the identical period. Full-time positions surged by 55,300—offsetting a 13,100-person dip in part-time roles, a composition shift favoring stable, permanent work.
The employment gain exceeded seasonal norms. "More people moved into employment compared to a typical October," Crick noted, suggesting underlying labor demand exceeded historical patterns for the month.
Hours worked across the economy climbed 0.5 percent month-on-month, reaching 1.99 billion hours in October—a gauge of sustained productivity despite the earlier unemployment climb.
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