DESPITE a slight decrease, the rounded estimate of Australia’s seasonally adjusted unemployment rate remained steady at 5.4 per cent in October, says the Australian Bureau of Statistics.

In its monthly Labour Force Report, the ABS reported the number of people employed increased by 10,700 to 11,523,200 in October. This increase in employment was driven by an 18,700 rise in full-time workers to 8,130, 100. Part-time employment dropped by 8,000 to 3,393,100.

According to the ABS, the increase in employment was driven by increased male full-time employment.

The number of people unemployed decreased by 8,800 people to 653,200 in October,

There was also a decrease in the seasonally adjusted labour force participation rate of 0.1 percentage points 65.1 per cent.

The ABS monthly aggregate hours worked series showed an increase, down 4.2 million hours to 1,622.6 million hours.

Click here to access the ABS Labour Force October 2012 report.

Job advertisements down 4.6%

THE number of job advertisements on the internet and in newspapers fell 4.6% in October, marking the seventh consecutive monthly decline./p>

The number of job advertisements in newspapers declined 4.1% in October, contracting in all states and the ACT. In a reverse trend, the Northern Territory recorded an increase of 41.7%.

The number of internet job advertisements fell 4.6%, now 14.4 % below year-ago levels.

“Large monthly declines were recorded in NSW, Victoria, South Australia, Western Australia, Tasmania and the ACT. In Queensland, a fall of only 0.7% m/m was recorded, although this followed large monthly falls in both August and September,” ANZ Head of Australian Economics and Property Research Ivan Colhoun said.

“The general trend of weaker job advertising and continuing job losses as businesses restructure and/or cut costs, suggests continuing upward pressure on the unemployment rate. ANZ forecasts a 5.75% unemployment rate in mid 2013.

“This continuing upward pressure on the unemployment rate will see the RBA cut interest rates further.

“Interest rates in Australia remain high for many parts of the economy. Further stimulus from monetary policy is likely to be necessary, especially while the Australian dollar remains stubbornly high, in order to ensure that activity in other sectors of the economy picks up to replace the wind down of the mining investment boom from the second half of next year.”

Click here to view the ANZ Job Advertisement Series October Report.