Jobs rise for 13th consecutive month

The unemployment rate has unexpectedly dropped to 5.4 per cent, its lowest level since February 2013.

Job ads in a newspaper, circled, pen

Economists have forecast the jobless rate will hold at its four-year low of 5.5 per cent. (AAP)

Australia is enjoying its longest run of monthly jobs gains in more than 20 years.

It is another shot in the arm for the flagging federal government, coming just 24 hours after the result of its successful same-sex marriage survey, and a welcome distraction from the citizenship fiasco.

New figures showed the economy posted its 13th consecutive monthly employment rise in October, a result not seen since 1994.

While the 3700 total rise in the number of people employed during October was smaller than of late and was well shy of economists' expectations of closer to 20,000, it followed an upwardly revised 26,600 increase in September.

It also disguised another jump in the full-time workers.

Australian Bureau of Statistics figures released on Thursday showed full-time employment increased by 24,300 in the month, partly offset by a 20,700 drop in part-time workers.

It was enough to cut the unemployment rate to 5.4 per cent, its lowest level since February 2013, when economists had expected the rate to remain at 5.5 per cent.

Data from the Organisation for Economic Co-operation and Development this week showed Australia's jobless rate was already below the global average of 5.7 per cent.

Australian Chamber of Commerce and Industry chief economist Adam Carr says underemployment is also starting to come down.

"It's still quite high, showing the labour market still has some way to go before its restored to full health," he told AAP.

"But it's definitely going in the right direction."

The positive employment report came after figures showed wages growth remains weak.

Opposition Leader Bill Shorten welcomed the employment increase but said there was a need for jobs that pay people enough to make ends meet.

"Too many Australians are suffering from wages paralysis," he told reporters in Adelaide.

Finance Minister Mathias Cormann said only by supporting business to be more successful and more profitable, could more Australians be hired and paid better wages.

"In fact, that is the only way that businesses can employ more Australians and pay them better wages," he told the Senate.


Share
2 min read

Published

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world