Australian employment jumps in November, higher participation rate signals healthy labor market

Employment in Australia jumped during the month of November, following higher rate of participation that signalled a healthy labor market.

Australia’s level of employment jumped 39,100 from October, more than double economists' forecast for a 17,500 gain. October jobs gain was upwardly revised to 15,200 from 9,800. However, the jobless rate rose to 5.7 percent from 5.6 percent; economists forecast 5.6 percent, data released by the Australian Bureau of Statistics showed Thursday.

Full-time jobs surged by 39,300; part-time employment fell by 200. The participation rate rose to 64.6 percent from 64.4 percent; economists predicted 64.5 percent. However, despite the lift in full-time employment in November it has fallen by 22,200 over the past 12 months. Part-time employment on the other hand increased by 107,100 over the same period.

Both male and female unemployment increased by 0.1 percent, rising to 5.6 percent and 5.8 percent respectively. Despite the lift in the unemployment rate, the labor force underutilization rate, combining unemployed and underemployed workers, fell 0.2 percentage points to 14.1 percent.

Meanwhile, the AUD/USD traded at 0.74, up 0.18 percent, while at 5:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 31.72 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex