Australia's Unemployment Rate Falls Further

By James Glynn Features Dow Jones Newswires

Australia's unemployment rate continued to fall in October, extending a year-long expansion in jobs growth, led by full-time positions.

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The unemployment rate fell to a lower-than-expected seasonally adjusted 5.4% in October from 5.5% in September. Economists had expected the rate to remain steady at 5.5%.

The number of people employed rose 3,700, compared with an expected 19,000 rise, the Australian Bureau of Statistics said Thursday.

The number of people in full-time work rose by 24,300, while those in part-time work fell by 20,700.

The bureau said its seasonally adjusted workforce participation rate, or the proportion of working-age people at work or actively seeking work, fell to 65.1% in October from 65.2% in September. That compared with a consensus expectation of 65.2%.

The tightening job market this year is yet to translate into wage gains, however. With inflation muted across the economy, most economists expect the Reserve Bank of Australia to keep interest rates on hold at a record-low 1.5% for some time yet.

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-Write to James Glynn at james.glynn@wsj.com

(END) Dow Jones Newswires

November 15, 2017 19:55 ET (00:55 GMT)