Australian employment rose in October as the central bank's low interest rates pushed employment rates higher, while unemployment remained at its lowest level in six years despite the expansion of the labor force. Jobs increased by 32,800, exceeding expectations of 20,000 by full-time jobs.
Full-time jobs rose by 238.8k, while part-time jobs rose by 69.4 thousand. The number of working hours rose by 0.3%. Australia's workforce grew by 37,400 during the month, "faster than the increase in employment"
On the other hand, the unemployment rate stabilized at 5%, which is the lowest level in six years, exceeding the expectations that indicated a rise to 5.1% despite the high participation rates in the sector from 65.5% to 65.6%.
Immediately after the release of the data, the Reserve Bank of Australia increased the interest rate by 40% by August next year compared to 25% previously, especially with the continued growth of full-time employment that supports the sustainability of the growth of the sector in the coming period.
