December 12, 2024 00:40 GMT
MNI BRIEF: Aussie Labour Market Tightens, Unemployment At 3.9%
MNI (SYDNEY) - The unemployment rate tightened 20 basis points to 3.9% in November, 30bp better than expected, while 35,613 jobs were created, more than the 25,000 anticipated, data from the Australian Bureau of Statistics showed.
“In November we saw a higher than usual number of people moving into employment who were unemployed and waiting to start work in October,” said David Taylor, head of labour statistics at the ABS. “This contributed to the rise in employment and fall in unemployment.”
The Reserve Bank of Australia expects unemployment at 4.3% by Q4. (See MNI RBA WATCH: Board Holds, But Turns Slightly Dovish) The Board shifted dovish at its meeting on Tuesday which saw the cash rate hold at 4.35%.
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