JINGLE BOOM: Australian Economy Added 42,700 Jobs Last Month

Australia’s unemployment rate hit 6.3% but the economy still managed to create 42,700 jobs, according to in November numbers released the Australian Bureau of Statistics (ABS).

The rate is on market expectations but the new jobs number is way beyond expectations.

The number of people employed increased by 42,700 to 11,637,400 in November 2014, seasonally adjusted.

The rise in employment was driven by part-time employment for females, up 36,400, and full-time employment for males, up 23,300, offset by a fall in female full-time employment, down 21,400.

Total full-time employment increased, up 1,800.

Australia’s unemployment rate increased by less than 0.1 percentage points compared to the previous month but it’s now the highest unemployment rate since 2002.

The Australian dollar jumped on the news, gaining about 35 basis points to $0.8370.

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