- The change in employment falls by -46,300 people in October, well below the expected 50,000 new jobs.
- The unemployment rate rises to 5.3% from 4.6% the previous month.
The Australian Bureau of National Statistics has released the details of its jobs report for October, which has resulted in a major disappointment.
This occurs when Australia is moving towards a post-covid “normalcy”. Restrictions for fully vaccinated people are being lifted in different regions of the country, while more than 68% of the population is fully vaccinated. Nevertheless, restrictions were maintained in Victoria for most of October, the second-most populous state.
The change in employment has fallen by -46,300 people in October, compared to 50,000 new jobs expected. It is the third month in a row with job losses.
The full-time employment fell by -40,400 people, while part-time employment decreased by -5,900.
The unemployment rate has risen to 5.3% from 4.6% the previous month, well above the 4.7% expected.
Meanwhile, the participation rate has risen to 64.7%, below the 64.8% expected.
About the change in employment
The change in employment published by the Australian Bureau of Statistics is an estimate of the number of unemployed in Australia. In general, an increase in this indicator has positive implications for consumer spending, which stimulates economic growth. A result above expectations is bullish for the Australian dollar, while a result below the market consensus is bearish.