Unemployment rate rises in Australia

The unemployment rate in October remained unchanged from the previous month at the rate of 5.7%. The official data for November shows that the unemployment rate for November has risen to 5.8%.

Statistical data for November

The employment growth in November was calculated as 10,000. The full time employment hiked to 8.1 million and the part time rose to 3.5 million. The participation rate which indicates the number of people actively looking for a job has increased at the rate of 64.8%.

Increase in unemployment rate

Thought all the data have positive results, the employment hours for November was 1.63 billion hours according to the ABS. In October, it was 1.64 billion hours. Thus, in the last month, there was a steep of 11.7 million working hours which led to the increase in the unemployment rate. The average working hours per employee in November was 140 hr and 10 minutes which was 141 hours and 26 mins in October. Thus, this accounts to fall of 1% or about 75 minutes. Comparing with previous year data, the working time of an employee has dropped by 0.4% which accounts to about 34%. Though there is a rise in the unemployment rate, the economists suggest that it will not hike enough to trigger another cash rate cut.

Source: http://au.finance.yahoo.com/news/aust-jobless-rate-5-8-003111546.html

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