Australia employment grew 64.0k in November, much better than expectation of 19.4k. Unemployment rate was unchanged at 3.4%, matched expectations. Participation rate rose 0.2% to 66.8%. Monthly hours worked dropped -0.4% mom.
Bjorn Jarvis, head of labour statistics at the ABS, said: “The participation rate increased by 0.2 percentage points to 66.8 per cent in November, returning to the record high we saw in June 2022. It was 1.0 percentage point higher than before the pandemic.”
“The record high participation rate continues to show that it is a tight labour market, especially when coupled with very low unemployment.”