Unemployment rate up, but actually good news
Despite an increase in December to 5.5%, which is up 0.1%, the participation rate, the number of people looking for work, increased to 65.7%, the highest since 2011.
Australia December employment change beats estimates, jobless rate ticks higher
The data released by Australia Bureau of Statistics (ABS) showed the economy added 34.7K jobs in December vs. forecast of 9K. The previous month’s print was revised higher to 63.6K from 61.6K. Full-Time employment change came in at 15.1k in December versus 41.9k in November. Meanwhile, the jobless rate rose to 5.5 percent from 5.4 percent.
December Key Points (Source: ABS)
Employment increased 34,700 to 12,440,800.
Full-time employment increased 15,100 to 8,518,900 and part-time employment increased 19,500 to 3,921,800.
Unemployment increased 20,500 to 730,600.
The number of unemployed persons looking for full-time work increased 9,900 to 501,800 and the number of unemployed persons only looking for part-time work increased 10,600 to 228,800.
Unemployment rate increased 0.1 pts to 5.5%
Participation rate increased by 0.2 pts to 65.7%.
Monthly hours worked in all jobs decreased 4.2 million hours (0.2%) to 1,736.4 million hours.