Thursday, December 8, 2011

39,900 Australians lost jobs in November, unemployment rate up to 5.3%

The unemployment rate in Australia has risen to 5.3 percent in the wake of 39,900 Australians losing full-time jobs in November.

This unfortunate development more than reverses the 26,200 full-time jobs added in October, the Australian Bureau of Statistics (ABS) reported on Thursday.

The tally was the most full-time positions shed by employers since April, the Sydney Morning Herald reports.

Total employment fell to 11.457 million in the month, with full-time employment dropping to 8.026 million in November and part-time employment rising to 3.431 million.

The ABS report also showed aggregate hours worked by employed people fell by 0.7 per cent in November, seasonally adjusted, after a rise of 0.8 per cent in October.

Aggregate hours worked in November 2011 were 0.8 per cent higher than in November 2010, compared with a rise 3.5 per cent between November 2009 and November 2010 - indicating a slowdown in growth.

Australia's economy is increasingly divided between the booming resource sector and stagnant non-mining industries.

Figures out this week pointed to Australia's growth picking up - and remaining the envy of much of the rest of the rich world - but most of the expansion is coming in Western Australia and Queensland alone.

Economists had tipped the jobless rate to remain at 5.2 per cent last month, matching the previous month's 5.2 per cent published figure.

The analysts also predicted the economy would add a net 10,000 jobs for November.

Employment growth last month was dominated by part-time demand, with employers adding 33,600 such positions - the most in a month since October 2010.

The Australian dollar dived half a US cent on today's jobs figures to $1.023 before clawing back to $1.025.

The paper quoted Michael Blythe, chief economist at Commonwealth Bank, as saying that the Australian economy is at an ''equilibrium spot."

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