Australian jobs data - unemployment rate for November 3.4% vs. 3.4% expected

Australian November 2022 employment report is solid.

• Employment change is nearly double what it was the previous month
• the unemployment rate is steady at a 48 year low despite a higher number of people in the workforce (participation rate up)
• employment-to-population rate 64.5%, this is a record high

More:

• underemployment rate lower to 5.8% is its lowest since August of 2008
• underutilisation rate also lower, at 9.3%

more to come

I guess a more dour take on the report is that as inflation goes up (and up and up and up) more people are returning to the workforce to pay for the cost of living increases.

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