Australian Oct jobs short of expectations, full time employment recovers

Australian Oct employment report came worse-than-expected, with the employmet change at +9.8k vs +20k exp and -9.8k prior, with full time job creation at +41.5k vs -53k last, while part time jobs came at -31.7k vs 43.2 last. The participation rate stood at 64.4%, while the unemployment rate was unchanged at 5.6%.

Key Points

TREND ESTIMATES (MONTHLY CHANGE)

• Employment decreased 1,000 to 11,946,600.
• Unemployment decreased 4,100 to 708,600.
• Unemployment rate remained steady at 5.6%.
• Participation rate decreased 0.1 pts to 64.5%.
• Monthly hours worked in all jobs increased 3.2 million hours to 1668.0 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

• Employment increased 9,800 to 11,938,900. Full-time employment increased 41,500 to 8,126,900 and part-time employment decreased 31,700 to 3,812,000.
• Unemployment decreased 2,000 to 705,100. The number of unemployed persons looking for full-time work increased 700 to 494,300 and the number of unemployed persons only looking for part-time work decreased 2,700 to 210,800.
• Unemployment rate remained steady at 5.6%.
• Participation rate remained steady at 64.4%.
• Monthly hours worked in all jobs increased 14.3 million hours to 1674.8 million hours.