Australian unemployment drops to 5.9%

Official figures show Australia’s unemployment rate fell to 5.9 per cent in October, beating market expectations.

The Australian Bureau of Statistics confirmed on Thursday the total number of people with jobs rose 58,600 in the month, which was better than expectations of a rise of 15,000.

Full-time employment rose by 40,000, while the number of part-time jobs was up by 18,600.


The participation rate, which refers to the number of people either employed or are actively looking for work, rose to 65.0 per cent from 64.9 per cent in September.

It’s the first time rates have dropped below 6% since May last year.