Unemployment Down Under was 5.8 per cent at the end of last year, with fewer jobs lost than economists were expecting.
The unemployment rate for November was revised up to 5.9 per cent, but then fell to 5.8 per cent in December, according to the Australian Bureau of Statistics.
The economy lost 1,000 new jobs in the month, versus the 10,000 loss economists were expecting. Details were positive, as full-time jobs increased by nearly 18,000 (see the chart above).
The number of new jobs added in November actually increased, to 74,900 from 71,400, making November the best month for jobs since July 1994. Of these additions, 27,600 were part-time and 47,300 were full-time.
The ABS jobs data is usually characterised by multiple revisions, which over the past year have usually gone well beyond expectations.
The participation rate in December was 65.1 per cent, compared to 65.3 per cent in November and economists’ expectations of 65.2 per cent.
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