Unemployment rate rose to 3.9% in November: ABS

The news: Australia's unemployment rate increased to 3.9% in November, up from a revised 3.8% in October, ABS figures show.

The numbers: Around 61,000 jobs were added to the economy during the month, overshooting expectations of a 10,600 increase, while the number of unemployed people increased by 19,000. Strong growth in both employment and unemployment helped the employment-to-population ratio return to a record high of 64.6% and the participation rate hit 67.2%, a new high.

The context: Australia's labour market has remained tight in 2023 despite a high-interest, high-cost environment. However, some of the November figures, including a rising underemployment rate and a slowdown in hours growth, could indicate the labour market is starting to soften.