Preview of Australian jobs market data: Loosening labor market, rise in unemployment rate

<p>The Australian jobs market report for November is due on Thursday, 14 December 2023 at 11.30 am Sydney time (0030 GMT and 7.30 pm US Eastern time).</p><p>Preview comments via Commonwealth Bank of Australia:</p><ul><li>The labour market remains tight but a loosening is underway. Employment growth is unlikely to be sufficient to keep the unemployment rate from rising given the big increase in labour supply being experienced as a result of strong population growth. </li><li>This as well as a slowing economy (evidenced by the weak GDP outturn as above) means a steady rise in the unemployment rate is likely.</li><li> Last month saw a big gain in employment and a rise in the participation rate, some of which was owing to the Indigenous Voice referendum workforce. We expect some of these gains to unwind and for a smaller employment gain of +15k as well as a slightly lower participation rate of 66.9% to leave the unemployment rate a touch higher at 3.8%</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.