Australia’s unemployment rate falls in November

| December 10, 2009 | 0 Comments
Australia's unemployment rate falls in November

Australia’s unemployment rate fell in November to 5.7% from 5.8% in October, according to the latest figures from the Australian Bureau of Statistics.

The figures came as a surprise to many analysts who had expected an increase to 5.9%.

Australia is one of the few developed economies not to have fallen into recession like its counterparts throughout the world.

The economy has benefited from an increase in commodity prices, while exports have received a boost due to demand from China for its iron ore and other raw materials.

Meanwhile, the better than expected jobless number for the month came as total employment rose by 31,200 in the month, with 30,800 full-time jobs created.

The Australian labour market has remained resilient and the unemployment rate in the country is well below levels in Europe and the US, where the rate is around 10%.

The latest unemployment figures raise the belief that Australia will increase interest rates again.

Earlier this month, the Reserve Bank of Australia increased interest rates from 3.5% to 3.75%.

It was the third month in a row that interest rates have risen and it is one of the few major economies to hike interest rates amid the global economic downturn.

However, many analysts believe interest rates could hit 4.25% in early 2010.

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