Australia's Unemployment Rate Rises to 4% in December
Australia's Unemployment Rate Rises to 4% in December

Australia's Unemployment Rate Rises to 4% in December

News summary

Australia's unemployment rate rose slightly to 4.0% in December, despite a robust increase in employment of 56,300, largely due to part-time jobs. This uptick in the jobless rate comes as more individuals entered the workforce, with the number of unemployed rising by 10,000. The participation rate also increased to 67.1%. Analysts suggest that the resilience of the labor market amidst high interest rates may bolster hopes for a potential interest rate cut by the Reserve Bank in the coming month. While the job numbers exceeded expectations, the rise in part-time roles and loss of full-time jobs has raised some concerns about the quality of employment growth. Overall, the labor market remains strong compared to global standards, though a gradual increase in unemployment is anticipated throughout the year.

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Left 67%
Center 33%
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