21,000 NEW JOBS CREATED IN NOVEMBER: Unemployment Rate At 5.8 per cent

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Australian jobs data has just massively beat expectations with 21,000 new jobs created for November.

This leaves the unemployment rate almost unchanged (up 0.1 percentage points) at 5.8 per cent.

Which is great news, as the market was only expecting around 10,000 jobs for the month.

From the ABS:

The ABS reported the number of people employed increased by 21,000 to 11,659,900 in November. The increase in employment was due to increased full-time employment, up 15,500 people to 8,107,900 and increased part-time employment, up 5,500 to 3,552,000. The increase in total employment was driven by increases in male full-time employment and female part-time employment.

The number of people unemployed increased by 3,400 people to 712,500 in November, the ABS reported.

The ABS monthly seasonally adjusted aggregate hours worked series showed a decrease in November, down 11.7 million hours (0.7 per cent) to 1,634.4 million hours.

The ABS reported the seasonally adjusted labour force participation rate remained steady at 64.8 per cent in November.

The seasonally adjusted underemployment rate was 7.6 per cent in November 2013. Combined with the unemployment rate of 5.8 per cent, the latest seasonally adjusted estimate of total labour force underutilisation was 13.4 per cent in November.

Our markets correspondent Greg McKenna will have the analysis up shortly.

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