Australia’s official unemployment rate dropped to 5.9% in October as employment surged, beating economists’ expectations by a wide margin, official data from the Australian Bureau of Statistics showed. By contrast, job markets analysts had forecasted no change in unemployment.
The number of people employed overall soared by 58,600 in the month, well above market expectations of a 15,000 rise. The number of unemployed people shrank by 33,400. The unemployment rate for October was well below the 6.2% figure in September, official data from the Australian Bureau of Statistics showed. Unemployment was last at this level in May and has not been below that level since a reading of 5.8% in November 2013. Full-time employment increased by 40,000, and part-time jobs rose by 18,600.