Australia unemployment dropped sharply to 5.0% in September, down from prior 5.3% and beat expectation of 5.3%. That’s the lowest level since April 2012.
However, it should also be noted that participation rate also dropped -0.2% to 65.4%. So, the drop in unemployment rate was more a reflection of decline in the size of labor force.
Employment grew 5.6k versus expectation of 15.2k. Full-time jobs rose 20.3k to 8.65m. But part time jobs dropped -14.7k to 3.98m.
