Jobless boost for Australia

Australia’s unemployment rate fell to 5.2 per cent in September from an unrevised 5.3 per cent in August.

Economists had expected the jobless rate to stay at 5.3 per cent and media were speculating that the Reserve Bank would cut interests rates as soon as Melbourne Cup Day on the first Tuesday in November.

Instead, 20,400 jobs were added to the economy in September taking the total number of employed to 11.451 million. Of the jobs added, 10,800 were full time taking that tally to 8.044 million in September while part-time employment was up 9,600 to 3.407 million.

The September participation rate was as forecast at 65.6 per cent unchanged from August. The ABS reported aggregate hours worked by employed people in Australia fell by 0.6 per cent in September, seasonally adjusted. Hours rose in August by 0.3 per cent in August. Aggregate hours worked in September 2011 were 1.3 per cent higher than in September 2010, compared with a rise.

South Australia recorded the highest jobless rate seeing unemployment climb by 4,800 in September where as Western Australia held the title in August.

Meanwhile in other parts of the world the UK rate has shot to its highest level since 1994 reaching 8.1 per cent. Youth unemployment (16-years-old to 24-years-old) has hit 21.3 per cent. In the US the September unemployment rate remained at 9.1 per cent despite the creation of more than 100,000 jobs that month.

CareerOne.com.au