Australia employment rate drops to 5.4% in October, job growth slows

The jobless rate in Australia fell to 5.4% in October, but the pace of growth in jobs slowed. The economy added 3.7K jobs missing the estimated figure of 17.5K. The participation rate ticked lower to 65.1% from 65.2%. Full-Time jobs rose 24.3k in October versus 6.1k in September. 

October Key Points

TREND ESTIMATES (MONTHLY CHANGE) 

• Employment increased 20,000 to 12,301,200.
• Unemployment decreased 3,000 to 709,400.
• Unemployment rate remained steady at 5.5%.
• Participation rate remained steady at 65.2%.
• Monthly hours worked in all jobs increased 3.5 million hours (0.2%) to 1,720.3 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE) 

• Employment increased 3,700 to 12,297,100. Full-time employment increased 24,300 to 8,425,400 and part-time employment decreased 20,700 to 3,871,700.
• Unemployment decreased 8,100 to 701,500. The number of unemployed persons looking for full-time work remained steady at 485,900 and the number of unemployed persons only looking for part-time work decreased 8,100 to 215,600.
• Unemployment rate decreased 0.1 pts to 5.4%.
• Participation rate decreased 0.1 pts to 65.1%.
• Monthly hours worked in all jobs increased 4.6 million hours (0.3%) to 1,723.7 million hours.