Australia employment grew 39.9k in November, well above expectation of 14k. Full-time jobs rose 4.2k while part-time jobs grew 35.7k. Unemployment rate dropped -0.1% to 5.2%, below expectation of 5.3%. Participation rate was unchanged at 66.0%.
Looking at some details, the largest increases in employment were recorded in Queensland (up 17.3k) and Victoria (up 13.7k). The only decrease was in New South Wales (down -2.8k). Unemployment rate increased by 0.1% in South Australia (6.3%), and by less than 0.1% in Western Australia (5.8%). Unemployment rate decreased by -0.2 pts in New South Wales (4.7%) and Victoria (4.6%), and by -0.1% in Queensland (6.3%)
Overall, unemployment rate remains well above RBA’s estimated full employment of 4.5%. More policy easing is still needed.
