Australia's unemployment rate holds steady at 4.1% in October 2024

Australia’s unemployment rate remained unchanged at 4.1% in October 2024, marking its third consecutive month at this level and in line with market expectations.

Australia's unemployment rate holds steady at 4.1% in October 2024

The number of unemployed individuals rose by 8.3 thousand to a three-month high of 625.8 thousand, with those seeking full-time jobs increasing by 8.2 thousand to 414.3 thousand, while part-time job seekers remained steady at 211.4 thousand. Employment grew by 15.9 thousand to a new record of 14.54 million, falling short of the expected 25 thousand rise and following a downwardly revised increase of 61.3 thousand in September. Full-time employment rose by 9.7 thousand to 10.04 million, while part-time employment grew by 6.2 thousand to 4.50 million.

Australia's participation rate holds steady, underemployment drops to 6.2%

The participation rate held steady at 67.1%, slightly below September’s record high of 67.2%. The underemployment rate decreased to 6.2% from 6.3% in September. Additionally, total hours worked across all jobs increased by 3 million, or 0.1%, reaching 1,972 million hours.