The job market in November displayed a contrasting scenario with an increase in the employment rate accompanied by a slight rise in unemployment rate, according to data from the Australian Bureau of Statistics (ABS). The unemployment rate escalated to 3.9% from 3.8% in October due to an increase of 19,000 unemployed people. Nevertheless, overall employment increased robustly by 61,000. Bjorn Jarvis, head of labour statistics at ABS, noted this combined effect leading to record levels in the participation rate and the employment-to-population ratio.

Jarvis underscored that throughout 2023, elevated levels of employment were consistently maintained. Despite the increase in the number of unemployed people in the past year, unemployment rates still remain notably less than pre-pandemic levels.

Employment numbers were on an upward trajectory in November, although the increase in hours worked was not as pronounced. This discrepancy was ascribed by Jarvis to the slow-paced growth in hours worked over the last six months. An increase in the underemployment rate to 6.5% in November echoed the deceleration in hours worked. However, the underemployment rate was still 2.2% lower than before the pandemic.

Trend data painted a consistent image with the unemployment rate, employment, hours worked, and the employment-to-population ratio staying steady. Jarvis expressed that while key indicators point towards a tight labour market, a rising unemployment rate along with an increase in the underemployment rate and slow growth in hours could possibly hint towards a cooling labour market.

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