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Australian Unemployment Hits 1-1/2 Year High Despite Job Gains
Australia’s jobless rate rose to the highest level in 1-1/2 years in November as an increase in people seeking work outweighed a surge in hiring. Unemployment rose to 3.9%, the highest level since May 2022, from an upwardly revised 3.8% a month earlier, Australian Bureau of Statistics data showed Thursday. The participation rate climbed to a record 67.2% in November as the economy added 61,500 roles, easily outpacing estimates for an 11,500 gain. “We have continued to see employment growth keeping pace with high population growth through 2023,” said Bjorn Jarvis, ABS head of labor statistics. “The combination ... (full story)