Australian Job Creation Rises Sharply in November

By FeaturesDow Jones Newswires

Australia's economy added 61,600 jobs in November, extending a strong run of employment growth since the start of the year fanned by upbeat business conditions.

The number of people in full-time work rose by 41,900 last month, while those in part-time work rose by 19,700. Economists expected a further 19,000 jobs over the month.

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The unemployment rate was unchanged at a seasonally adjusted 5.4% in November, the Australian Bureau of Statistics said. Economists had expected an unemployment rate of 5.4% in November.

The workforce participation rate rose to 65.5% in November from 65.2% in October and a consensus expectation of 65.1%.

The job market has roared in 2017, with 350,000 jobs added since January, the vast bulk of them full-time positions.

Still, there is a lot of spare capacity remaining in the labor market, and the job gains have yet to translate into wages growth.

With incomes growth flat and household debt levels at a record high, the Reserve Bank of Australia has kept interest rates on hold all year. Economists expect the pause at the RBA will extend well into 2018, potentially into 2019.

Job creation has improved across the country, a further signs that the economy is shrugging off a mining investment downturn which has sapped GDP growth for a number of year.

The hiring by firms has occurred in line with an improvement in business conditions and profits.

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

(END) Dow Jones Newswires

December 13, 2017 19:48 ET (00:48 GMT)