Australia’s unemployment rate drops to 3.9%

Importantly, in seasonally adjusted terms, all this employment growth was driven by full-time jobs; this has been fuelled by elevated levels of public spending, writes KPMG Chief Economist Brendan Rynne.

At a headline level yesterday's employment data – with the unemployment rate unexpectedly falling to 3.9 percent in November from 4.1 percent in October - shows that the labour market remains strong, with continued population growth powering overall demand in the economy and leading to plenty of new jobs. Importantly, in seasonally adjusted terms, all this employment growth was driven by full-time jobs. This has been fuelled by elevated levels of public spending, alongside increased d...

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Authors: Brendan Rynne

Published Date: 13 December 2024