Unemployment
A man passes near a banner at a protest camp opposite The Houses of Parliament in London June 16, 2010. Reuters/Tony Melville

The Australian job market has witnessed an increase of 71,400 in employment in November, which has prompted a decline in the rate of unemployment across the nation to 5.8 percent from 5.9 percent.

In October, the number of jobs in Australia accounted to almost 60,000. The Australian Bureau of Statistics said on Thursday employment increased around 71,400 to 11,900,600. Out of those, full-time employment increased 41,600, making 8,205,800 jobs available, while part-time employment increased 29,700 to 3,694,800.

A Bloomberg survey, however, has opposed the ABS report, indicating rise in unemployment to around six percent.

According to the ABC, the unemployment rate in Queensland deteriorated to 5.9 percent from 6.1 percent, while in NSW it declined from 5.5 percent to 5.2 percent. In NT, the rate decreased to 4.3 percent from 4.4 percent, whereas it dropped from 7.6 percent to 7.3 percent in SA.

On the other hand, Victoria and Tasmania witnessed a rise in unemployment percentage from 5.6 percent to 6.2 percent and from 6.4 percent to 6.6 percent respectively. WA also saw a hike in jobless rate from 6.4 percent to 6.6 percent.

The decline in the unemployment rates in different Australian regions was more than what was expected. In addition, Australian dollar also witnessed a rise in value more than one percent to 73.2 US cents. It was last in May 2014 when the rate of unemployment was as low as this.

The figures detailed by the ABS on Thursday welcomed several doubts. “The 71,400 increase in employment in November followed a similarly strong 56,100 gain in October and confounded the consensus forecast of a 10,000 decline,” the Sydney Morning Herald quoted Capital Economics’ chief economist Paul Dales as saying.

“The labour market survey has a history of wild moves and we doubt that employment conditions are quite this strong,” he added. He concluded saying that the Australian job figures as specified in November appears doubtful still the job market seems to improve.

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