Although the overall unemployment rate for Australia in November 2016 remained steady at 5.6%, South Australia and Western Australia continue to climb and there appears to be no sign of it stopping. South Australia and Western Australia increased by the largest margins with SA moving to 7.0% (from 6.5%) seasonally adjusted which is now the nations highest unemployment figure. Western Australia moved to 6.9% (from 6.5%) and with the last of the major mining construction projects in Western Australia's north are coming to an end and those workers looking at being tipped out to the market, the rate for WA could move even higher.
Seasonally adjusted employment increased by 39,100 persons from October to November 2016. Full-time employment increased by 39,300 persons, while part-time employment decreased by 200 persons. Since December 2015, seasonally adjusted full-time employment has decreased by 45,800 persons, while part-time employment has increased by 126,500 persons.
According to the Australian Bureau of Statistics figures released today, Australia's trend estimate of employment increased by 3,100 persons in November 2016, with:
the number of unemployed persons decreasing by 700;
the unemployment rate remaining steady at 5.6 per cent;
the participation rate remaining steady at 64.5 per cent; and
the employment to population ratio remaining steady at 60.9 per cenT
Although the signs are weak, it is not all bad and according to the St George Bank - Financial Markets Associate Director Fay Styles who suggests:
"Employment rebounded 39.1k in November, the strongest monthly gain in a year. The stronger-than-expected increase in November however, followed a string of relatively weak outcomes in previous months. When assessing the broader trend, employment growth remains quite weak. Employment grew 0.7% in the year to November, the weakest annual pace in over two years. The unemployment rate edged higher from 5.6% in October to 5.7% in November, which was largely reflective of more people looking for work. The participation rate edged back up from 64.4% in October to 64.6% November.
Consumer inflation expectations according to the Melbourne Institute edged slightly higher in December to an annual rate of 3.4% from 3.2% previously. Expectations remain well contained" says Styles.