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Australia’s jobs report for October has just been released, and it’s smashed expectations.
Over the month employment jumped by 58,600, well above the median market forecast for an increase of 15,000. The monthly increase was the largest since March 2012.
Full time employment jumped by 40,000, overshadowing a 18,600 increase in part time workers. The ABS note the increase was driven by gains in male full-time employment (up 33,500) and female part-time employment (up 24,000).
As a result of the stellar jobs increase, total employment rose to 11,838,200, the highest level on record.
From a year earlier employment jumped by 315,000, or 2.73%. It marked the fastest annual percentage increase since November 2010.
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The unemployment rate fell to 5.9%, well below the 6.2% level expected. It now sits at the lowest level seen since April 2014. The decline came despite the participation rate ticking up 0.1% to 65.0%. The number of people unemployed decreased by 33,400 to 739,500.
Matching the sharp lift in employment, hours worked increased by 19.1 million hours, a rise of 1.2%, to 1.66 billion hours.
All of the key figures from the jobs report are found in the chart below.
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