Australia Jobless Rate Rises To 7.0% In October

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The unemployment rate in Australia came in at a seasonally adjusted 7.0 percent in October, the Australian Bureau of Statistics said on Thursday.

That was below expectations for 7.2 percent and was up from 6.9 percent in September.

The Australian economy added 178,800 jobs last month, far surpassing expectations for the loss of 30,000 jobs after shedding 29,500 jobs in the previous month.

The participation rate jumped to 65.8 percent, beating forecasts for 64.7 percent and up from 64.8 percent a month earlier.

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