Australia / Unemployment rate at 5.7 per cent, from from 5.6, as participation rate remains seven-year low

Job creation in Australia’s economy remains sluggish, with a big fall in full-time jobs during October being only partially offset an increase in part-time positions.

Meanwhile, youth unemployment and the number of people looking for more work remains high.

Figures from the Australian Bureau of Statistics show the jobless rate edged up slightly during the month.

It is now at 5.7 per cent.

The ABS has revised September’s jobless figure from 5.6 per cent to 5.7 per cent, meaning the jobless rate has held effectively held steady for the past two months.

The figures reveal 27,900 full-time jobs were lost during October, while the number of part-time positions increased by 28,900.

The net result of 1,000 new jobs was below economists\’ forecasts.

Participation rate at seven-year low

Australia’s participation rate, which refers to the proportion of people working or looking for work during the month, was steady on 64.8 per cent.

September’s participation rate figure was revised down from 64.9 per cent to 64.8 per cent.

The result means the proportion of Australians active in the labour market is at its lowest level since October 2006.

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Australia’s unemployment rate at 5.7 per cent as job creation remains sluggish – ABC News (Australian Broadcasting Corporation).