Holiday Period Boosts Employment
Unemployment rates in Australia have dropped as the Christmas holiday period adds 40,000 jobs to the market.
Data revealed by the Australian Bureau of Statistics (ABS) reveals that unemployment fell from 5.3% to 5.2%, with a near 40,000 jobs being added during the month of November.
‘In November 2019, trend monthly employment increased by around 17,000 people. Full-time employment increased by around 8,000 people and part-time employment increased by around 9,000 people,’ the ABS report states.
It comes as good news for Treasurer Josh Frydenburg and the RBA, but not everyone is as optimistic. The increase in jobs is believed to have made up for a drop in October, according to Capital Economics analyst Marcel Thieliant.
‘That increase more than reversed the 24,800 drop in October and meant that annual employment growth held steady at 2.0 per cent,’ Thieliant told ABC News.
The figures reveal that 13 million Australians are now employed, with 8.8 million employed full-time.