Australia – Unemployment rate in November at 12-year high

The unemployment rate has hit a 12-year high of 6.3%, fuelling talk of interest rate cuts in 2015.

November’s figure is up from 6.2% the previous month despite the creation of 42,700 jobs, a figure nearly three times larger than economists were expecting. However, only 1,800 positions were full-time.

The number of people looking for work also increased, putting pressure on the unemployment rate.

The employment minister, Eric Abetz, said the government’s infrastructure program, if rolled out as planned, would promote a surge in job opportunities

“Clearly we need to reboot the Australian economy,” Abetz told reporters in Adelaide on Thursday.

Chosen excerpts by Job Market Monitor. Read the whole story at Unemployment rate in November hits 12-year high | Business | theguardian.com.