Australia’s Employment Figures Beat Expectations, Grow in October

The growth in employment numbers in Australia beat expectations during the month of October as restrictions were eased across Victoria.

Arslan Butt•Thursday, November 19, 2020•1 min read

The growth in employment numbers in Australia beat expectations during the month of October as restrictions were eased across Victoria. Data released by the Australian Bureau of Statistics (ABS) reveals that 178k jobs were added in October, far better than economists’ forecast for a drop by 30k instead.

Despite the increase in employment opportunities, the unemployment rate rose to 7% during the period. On a positive note, however, the unemployment rate came in less than economists’ expectations, which was for an increase to 7.2% instead.

Economists have forecast that Australia’s unemployment rate could touch a high of 8% on account of the pandemic-driven recession. The second wave of the pandemic that has caused the government to impose a six-day lockdown across the southern part of the country is also weighing on the sentiment and is likely to drive employment lower in the near future.

Since Australia announced the first round of lockdowns back in March, the number of jobs available declined by 872k until May. Since June, jobs have been on the rebound, growing by 648k since June, buoyed by the various stimulus measures rolled out by the government and the RBA.

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.