Australia – Unemployment at 6.2%, still near 12-year high

Australia’s jobless rate remained at the highest level in almost 12 years, a sign that many businesses are reluctant to hire in an uncertain economic climate and that interest rates may need to stay at record lows for a while yet.

Unemployment stayed at a higher-than-expected 6.2% in October, the same as the recently revised number for September. Economists had expected the unemployment rate to ease to 6.1%.

The number of people employed rose by 24,100 in October, compared with an expected 10,000 rise, the Australian Bureau of Statistics said Thursday. The number of people in full-time work climbed by 33,400, while those in part-time work fell by 9,400.

The participation rate, or the proportion of working-age people in employment or actively seeking it, rose to 64.6% in October from 64.5% the previous month. Economists had expected the participation rate to remain at 64.5%.

The higher participation rate helps explain why the jobless rate remained steady in October even as the number of people in employment rose sharply.

Chosen excerpts by Job Market Monitor. Read the whole story at Australia Unemployment Sits Near 12-Year High – WSJ – WSJ.