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PT Solid Gold Berjangka | Australian Unemployment Hits 1-1/2 Year High Despite Job Gains

01:25 14 December in Economy, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP by admin_sgb_tcc
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Solid Gold Berjangka , PT SGB, Solid Group, SG Berjangka Ekonomi Australia Tingkat Pengangguran, Australian Unemployment Rate

Solid Gold Berjangka | The information you provided discusses the labor market situation in Australia as of November. Here are the key points:

  1. Jobless Rate Increase: The unemployment rate in Australia rose to 3.9% in November, marking the highest level since May 2022. This is an increase from the upwardly revised 3.8% reported in the previous month.
  2. Labor Force Participation: The participation rate increased to a record 67.2% in November. This suggests that more people were actively seeking employment during this period.
  3. Employment Growth: Despite the rise in unemployment, the Australian economy added 61,500 jobs in November. This increase in employment exceeded expectations, with estimates predicting a gain of 11,500 roles.
  4. Economic Resilience: The data highlights the economy’s resilience, despite the Reserve Bank of Australia implementing 4.25 percentage points of rate hikes since May 2022. The economy seems to be absorbing these changes without a significant negative impact on employment.
  5. Market Reaction: Following the release of the data, the Australian dollar rose to 66.87 US cents from 66.67 cents. Additionally, yields on the three-year bonds, which are sensitive to policy changes, also increased.
  6. Divergence in Confidence: The reported figures contradict a recent business survey indicating a sharp decline in confidence to an 11-year low. Forward indicators from the survey also suggested a softening outlook.
  7. RBA’s Perspective: Governor Michele Bullock stated that the labor market is perceived as “not as tight as it was.” Some leading indicators, such as job vacancies, have started to ease from previously high levels. The data is likely to be surprising to the Reserve Bank of Australia in this context.

This information provides insight into the complexities of the Australian labor market, where employment growth is occurring alongside increased unemployment rates, and the central bank is navigating the challenges posed by changing economic conditions.

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