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Oz Unemployment Steady At 6 Year Low

Latest numbers from the ABS reveal Australia’s unemployment rate has remained near a six year low of 5%. It follows a better-than-expected jump in full time employment last month.

The Aussie dollar spiked after results released – up from US72.34c to US72.74, trumping expectations.

For the month of October, the number of employed individuals jumped by 32,800, versus 20,000 forecast.

The number of individuals in full-time work climbed 42,300 [seasonally adjusted], with part-time employees slipping 5,200.

The ABS asserts it’s the 25th straight monthly increase in full-time workers, averaging 20,300 a month.

Steady unemployment follows a jump in participation rate during September, from 65.5% to 65.6%.

Trend unemployment has notched 5.1%, which the ABS asserts is the lowest figure since 2012.

The local underemployment rate has remained steady at 8.3%.

Economists do not expect inflation pressure to build until Australia’s unemployment rate has slipped closer to 4%.

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