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Australia jobs jump well above forecasts in Dec, unemployment rises

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The unemployment rate rose to 4% in December, in line with forecasts, and compares with a 3.9% rise in the previous month. Australia has seen its job market expanding past expectations for eight out of the last nine months, with a dip seen in October.
In December, Australia's employment figures significantly exceeded expectations, with the addition of 53,000 jobs, far surpassing the forecasted increase of 17,000. This surge was primarily driven by a rise in part-time employment, which increased by 36,200 jobs, while full-time positions grew by 16,800. Despite the robust job growth, the unemployment rate unexpectedly rose from 3.4% to 3.5%, influenced by a higher participation rate as more people entered the workforce. This increase in labor force participation to 66.8% indicates a strong labor market, although the rise in unemployment suggests that not all new entrants found employment immediately. Additionally, the underemployment rate slightly decreased to 5.8%, reflecting a slight improvement in the utilization of the workforce.

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