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Financial News: Australia Sheds 65,100 Jobs In December

Australia Sheds 65,100 Jobs In December

01/17/2024 - 19:44:00 (RTTNews)

(RTTNews) - The Australian economy lost 65,100 jobs in December, the Australian Bureau of Statistics said on Thursday.

That was way off from forecasts for an increase of 17,600 jobs following the addition of 61,500 jobs in November.

Specifically, full-time jobs were down 106,600 after gaining 57,000 in the previous month.

The jobless rate managed to hold steady at 3.9 percent, while the participation rate fell to 66.8 percent from 67.2 percent a month earlier.

"The fall in employment in December followed larger than usual employment growth in October and November, a combined increase of 117,000 people, with the employment-to-population ratio and participation rate both at record highs in November," said David Taylor, ABS head of labor statistics.

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