{"id":2519,"date":"2025-01-16T08:29:06","date_gmt":"2025-01-16T08:29:06","guid":{"rendered":"https:\/\/otetmarkets.com\/blog\/?p=2519"},"modified":"2025-01-16T08:29:07","modified_gmt":"2025-01-16T08:29:07","slug":"australia-unemployment-dec2024","status":"publish","type":"post","link":"https:\/\/otetmarkets.com\/blog\/news\/australia-unemployment-dec2024\/","title":{"rendered":"Australia\u2019s Unemployment Rate Increases in December 2024"},"content":{"rendered":"\n

In December 2024, Australia\u2019s Unemployment Rate adjusted slightly rose to 4.0%, up from 3.9% in November, which had marked an eight-month low. This change met market expectations. The total number of unemployed individuals increased by 10.3 thousand, bringing the total to 604.1 thousand. A closer look reveals that the number of people seeking full-time jobs rose by 14.9 thousand, while those looking for part-time positions dropped by 4.5 thousands.<\/p>\n\n\n\n

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Employment Growth Surpasses Expectations<\/strong><\/h2>\n\n\n\n

Despite the uptick in unemployment, employment numbers showed impressive growth. Employment in Australia increased by 56.3 thousand, reaching a new record of 14.58 million. This increase far exceeded forecasts, which predicted a rise of only 15 thousand. Compared to November’s 28.2 thousand rise, this was a notable improvement. Part-time employment surged by 80 thousand, reaching an all-time high of 4.55 million, although full-time employment saw a decline of 23.7 thousand, bringing the total to 10.04 million.<\/p>\n\n\n\n

Participation Rate and Underemployment Trends<\/strong><\/h3>\n\n\n\n

The participation rate, which measures the percentage of working-age individuals either employed or actively seeking work, edged up to 67.1%. This marks a return to the July 2024 peak and surpassed market forecasts of 67.0%. The increase in the participation rate indicates a slightly higher level of workforce engagement, continuing the positive trend seen in November. Additionally, the underemployment rate, which tracks those working part-time but seeking full-time work, decreased slightly to 6.0% from the previous 6.1%.<\/p>\n\n\n\n

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Read More : Australia Monthly CPI Indicator<\/a><\/strong><\/p>\n<\/blockquote>\n\n\n\n

Monthly Hours Worked See Significant Increase<\/strong><\/h3>\n\n\n\n

One of the key highlights in the December data was the rise in monthly hours worked across all jobs. The total number of hours worked surged by 10 million, reaching a new high of 1,976 million. This increase in hours worked reflects a growing demand for labor and could be a sign of economic resilience, despite the modest rise in the unemployment rate. The shift in the labor market reflects both positive and challenging elements as Australia navigates its post-pandemic recovery.<\/p>\n\n\n\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In December 2024, Australia\u2019s Unemployment Rate adjusted slightly rose to 4.0%, up from 3.9% in November, which had marked an eight-month low. This change met market expectations. The total number of unemployed individuals increased by 10.3 thousand, bringing the total to 604.1 thousand. A closer look reveals that the number of people seeking full-time jobs […]<\/p>\n","protected":false},"author":2,"featured_media":2527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,2],"tags":[37],"class_list":["post-2519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-economy-news","category-news","tag-financialnews"],"_links":{"self":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/2519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=2519"}],"version-history":[{"count":5,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/2519\/revisions"}],"predecessor-version":[{"id":2525,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/2519\/revisions\/2525"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media\/2527"}],"wp:attachment":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=2519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=2519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=2519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}