The unemployment rate rose to 3.9% in November, but the labour market remains very strong with jobs growth broadly keeping pace with the very strong population growth. Employment rose 61k in November, backing up a slightly revised 43k increase the month prior – though hours worked were fairly steady in the month. Nonetheless, there was a small rise in the unemployment rate to 3.9% as the participation rate rose a further 0.2ppts to a new record high of 67.2%. Population data to June show net migration topped 518k over the past year, reflecting a combination of both elevated arrivals and lower-than-normal departures. ... (full story)