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Financial News: Australia Unemployment Rate Climbs To 5.2% In October

Australia Unemployment Rate Climbs To 5.2% In October

11/10/2021 - 19:50:00 (RTTNews)

(RTTNews) - The jobless rate in Australia came in at a seasonally adjusted 5.2 percent in October, the Australian Bureau of Statistics said on Thursday.

That was well above expectations for 4.8 percent and up from 4.6 percent in September.

The Australian economy lost 46,300 jobs last month, missing forecasts for an increase of50,000 following the loss of 138,000 jobs in the previous month.

Full-time employment shed 40,900 jobs to 8,941,200 after gaining 26,700 jobs in September, while part-time jobs lost 5,900 jobs to 3,894,000 after dropping 164,700 a month earlier.

Employment was 160,300 people (1.2 percent) lower than March 2020

The participation rate increased to 64.7 percent, shy of expectations for 64.9 percent but still up from 64.5 percent a month earlier. It increased by 0.3 pts for men to 69.5 percent and remained at 60.0 percent for women.

In seasonally adjusted terms, in October 2021, monthly hours worked in all jobs decreased by 1.5 million hours (0.1 percent) to 1,727 million hours. They were also down by 37.8 million hours (2.1 percent) from March 2020.

The underemployment rate increased by 0.3 pts to 9.5 percent, which was 0.7 pts higher than March 2020. The underutilization rate increased by 0.9 pts to 14.7 percent.

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