Unemployment rate stays at 6yr low of 5%

The unemployment rate kept steady at a six-year low of 5.0 per cent in October, with the number of people with jobs growing by 32,800, according to the ABS.

Australia's new employment figures spur hopes of an economic recovery (Image Representational) Source: AAP

Australia's unemployment rate was steady at a six-year seasonally adjusted low of 5.0 per cent in October, slightly bettering market expectations, with 32,800 more people in a job since September.

Figures from the Australian Bureau of Statistics show the seasonally adjusted participation rate increased by 0.1 per cent to 65.6 per cent, also bettering expectations, while the monthly hours worked in all jobs increased by 6.1 million hours, or 0.3 per cent, in October.

The last time the seasonally adjusted unemployment rate was this low was April 2012, and the last time it was lower was June 2011's 4.9 per cent.

The Australian dollar spiked on the release of the data, climbing from 72.33 US cents to 72,75 US cents.