UPDATE 12.27pm: AUSTRALIA’S jobs market is weakening as businesses look to cut costs to cope with a worsening global economy, economists say.
Data released by the Australian Bureau of Statistics today showed Australia’s unemployment rate rose to 5.3 per cent in November from 5.2 per cent in October.
Total employment fell 6300 to 11.457 million in the month, while the participation rate dropped 0.1 of a per cent to 65.5 per per cent.
The data was significantly weaker than market forecasts of a rise in employment of 10,000 jobs in the month.
AMP chief economist Shane Oliver said the figures showed the jobs market was softening.
“Until recently it was the one strong patch of the economy outside mining but quite clearly the jobs market is giving way as well,” he said.
Start of sidebar. Skip to end of sidebar.
