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- Australia unemployment rate climbs to 7.0% in October
Australia unemployment rate climbs to 7.0% in October
RTTNews reports that according to the report from Australian Bureau of Statistics, the jobless rate in Australia came in at a seasonally adjusted 7.0 percent in October. That was below expectations for 7.2 percent and was up from 6.9 percent in September.
The Australian economy added 178,800 jobs last month for a total of 12,773,900 - far surpassing expectations for the loss of 30,000 jobs after shedding 29,500 jobs in the previous month.
The participation rate jumped to 65.8 percent, beating forecasts for 64.7 percent and up from 64.8 percent a month earlier.
Unemployment increased by 25,500 to 960,900 people (and increased by 238,900 over the year to October 2020). The youth unemployment rate increased 1.0 pts to 15.6 percent (and increased by 3.1 pts over the year to October 2020).
The underemployment rate decreased by 1.0 pts to 10.4 percent (1.9 pts higher than a year ago), while the underutilization rate decreased by 0.9 pts to 17.4 percent.
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