Business

Published: Thursday November 12, 2009 MYT 10:02:00 AM

Australia's unemployment rate rises to 5.8 percent


CANBERRA, Australia (AP) - Australia's jobless rate rose to 5.8 percent in October despite the number of people employed rising by 24,500, the Australian Bureau of Statistics said Thursday.

Economists had predicted the rise in the jobless rate, which comes after a surprise drop to 5.7 percent in September, but were far off in their forecast of a loss of 10,000 jobs.

Total employment rose to 10.832 million in October, seasonally adjusted.

The unemployment rate has steadily increased during 2008 and early 2009 from a low of 3.9 percent in February 2008, but stabilized since March this year, when it reached 5.7 percent.

The figures compare favorably with other industrialized countries. U.S. unemployment in October hit 10.2 percent; the United Kingdom's jobless rate is 7.8 percent.

Economists say the strong rise in total employment will likely give the Reserve Bank of Australia confidence to lift interest rates for a third straight month in December.

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