**As seen in Risk In The Week report 01/12/24, subscribe at cablefxm.co.uk/reports
Australia net employment rose 61.5K in November, this was faster than the prior 42.7K and the consensus median of 11.5K. The jobless rate ticked up from 3.7% to 3.9%, the metric was above the median projection of 3.8%. The November participation rate printed at 67.2%, expectations had seen the figure at 66.9%. The monthly job gain was led by full-time employment at 56.98K. Looking ahead, economists see headline jobs growth slowing while the unemployment rate keeps moving higher, the median survey pencils the latter at 4.3% by the end of the year. Despite a higher unemployment rate, the labour market is still seen tight as wages are expected to rise by 3.8% Y/y in 2024, unchanged from the prior year.
The desk at NAB expects a reversal of the November jobless rate uptick as it pencils the figure at 3.8%, they stand above the consensus for headline jobs growth at 30.0K. NAB said that an unemployment rate print at 3.8% is still within the RBA’s forecast range so this is unlikely to shift the central bank’s stance.
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