SYDNEY (Reuters) – Australian employment rose by more than what was forecast in November, while the jobless rate posted a shock decline to an eight-month low indicating the labour market was proving far more resilient than policy makers expected.
Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 35,600 in November from October, when they increased by a revised 12,200. That was above market forecasts for a 25,000 rise, while annual jobs growth slowed just a little to 2.4%.
The jobless rate dropped to 3.9%, from 4.1%, confounding analysts who had looked for a rise to 4.2%. The participation rate edged down to 67.0%, from 67.1%, while hours worked were flat.
