The latest Labour Force report from the Australian Bureau of Statistics, for November 2024

Just … wow.

Employment +35.6k

• expected +25.0k, prior +15.9.1k

Unemployment Rate 3.9%

• expected 4.2%, prior 4.1%

Participation Rate 67.0%

• expected 67.1%, prior 67.1%

Full Time Employment +52.6k (part time is down 17K from October +6.2K)

The October report was a bit of a let down, but this is a huge bounce back in November. The jobless rate back under 4%, albeit with participation a touch lower also.

The Reserve Bank of Australia have been relatively sanguine about slippage in the labour market, today’s report is a good one and will make them even happier. If the Bank wants to hold rates higher for longer the jobs market won’t stand in their way. Do bear in mind though that the Bank did soften its hawkish stance at this week’s meeting.

***

Background to this is here: