Australian Nov jobs report better-than-expected: Employment change of 39.1K

Australian Nov employment report came better-than-expected, with the employment change at 39.1k vs +20k exp and 9.8k prior, with full-time job creation at 39.3k vs 41.5k last, while part-time jobs came at -0.2k vs -31.7k last. The participation rate rose to 64.6%, while the unemployment rate was unchanged at 5.6%.

Key points:

TREND ESTIMATES (MONTHLY CHANGE)

• Employment increased 3,100 to 11,949,300.
• Unemployment decreased 700 to 714,000.
• Unemployment rate remained steady at 5.6%.
• Participation rate remained steady at 64.5%.
• Monthly hours worked in all jobs increased 0.8 million hours to 1665.4 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

• Employment increased 39,100 to 11,973,200. Full-time employment increased 39,300 to 8,166,200 and part-time employment decreased 200 to 3,807,000.
• Unemployment increased 17,000 to 725,200. The number of unemployed persons looking for full-time work increased 15,100 to 512,100 and the number of unemployed persons only looking for part-time work decreased 1,900 to 213,100.
• Unemployment rate increased 0.1 pts to 5.7%.
• Participation rate increased 0.2 pts to 64.6%.
• Monthly hours worked in all jobs decreased 10.4 million hours to 1663.3 million hours.

LABOUR UNDERUTILISATION (QUARTERLY CHANGE)

• Trend estimates: the labour force underutilisation rate remained steady at 14.2%.
• Seasonally adjusted estimates: the labour force underutilisation rate decreased 0.2 pts to 14.1%. The male labour force underutilisation rate decreased 0.3 pts to 12.3%. The female labour force underutilisation rate remained steady at 16.2%.