Western Australia’s jobless rate falls dramatically amid ‘blockbuster’ national figures

[Pelican Press 0]

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Western Australia’s jobless rate falls dramatically amid ‘blockbuster’ national figures

Western Australia’s unemployment rate has fallen an extraordinary 0.8 percentage points in November to be just 3.3 per cent.

That was the State’s sixth biggest monthly drop in the past 20 years and it took WA’s jobless rate to the lowest level since August 2022.

About 15,000 people found work in the month, according to the *********** Bureau of Statistics.

It means WA and New South Wales played big roles in helping the country post a “blockbuster” jobs performance that surpassed expectations in November.

But the numbers also highlight volatility in jobs figures — after WA posted a big lift in unemployment only one month prior.

The national unemployment rate is now 3.9 per cent, down from 4.1 per cent.

“That was unexpected,” Moody’s Analytics head of *********** economics Harry Murphy Cruise said.

“The bulletproof labour market remains a thorn in the side of the Reserve Bank of Australia.

“With unemployment refusing to heel to the RBA’s hikes, there is a risk the economy stays hotter than needed to bring down underlying inflation.”

Commonwealth Bank’s Gareth Aird said the national numbers were “solid”.

“Taken at face value the data indicates that the labour market is not loosening despite well below‑trend GDP growth and forward indicators of labour demand all consistent with a softening labour market,” he said.

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