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).
Preview comments via Commonwealth Bank of Australia:
- 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.
- 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.
- 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%
