The Number Of Australians Employed Stands At Record High

Post by Sharat on January 14, 2010 · Under Australian Economy, Business News · Comment 

The Australian unemployment rate fell for the second consecutive month, and the number of Australians in employment hit an all time high last month.

According to data released by the Australian Bureau of Statistics (ABS), 35,200 Australians found work in December, taking the number of Australians employed to 11 million, the highest it has ever been.

Most economists had predicted an increase of 10,000 both part and full time jobs.

Australia’s unemployment rate was a seasonally adjusted 5.5 percent in December, compared with a downwardly revised 5.6 percent in November, the ABS said today.

Despite the fall in unemployment being a positive sign for the economy in general, it does raise the prospect of further interest rate rises going forward.

Consumer sentiment is likely to improve as a result of the recovery in the labour market, adding further fuel to the cause for higher interest rates.

Total employment in December stood at 10.906 million during December, and rose by 35,200.

The number of people employed full time grew by 7,300 and stood at 7.635 million. The number of part time workers rose by 27,900 and stands at 3.271 million.

The median market forecast was for total employment to have risen by 10,000 in December, an unemployment rate of 5.8 percent.

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