The “real” Gillard shows her ability to read global trends!

A RISING number of job seekers and a fall in full-time positions has pushed the unemployment rate to 5.4 per cent in October, the Australian Bureau of Statistics said today.

Total employment rose by 29,700 to 11.356 million in the month, seasonally adjusted.

Full-time employment fell by 14,100 to 7.971 million in October and part-time employment was up by 43,800 to 3.385 million.

The participation rate in October was 65.9 per cent, up from a unrevised 65.6 per cent in September.

The forecast was for total employment to have risen by 20,000 in October with an unemployment rate of between 5.0 and 5.1 per cent and participation rate of 65.6 per cent, according to the median of 13 economists surveyed.

In September, the unemployment rate was 5.1 per cent and total employment rose by 49,500, ABS data showed.

The Federal Government’s mid-year budget review released on Tuesday forecast unemployment falling to 4.5 per cent in the coming 18 months as an additional 380,000 people join the workforce.

At the same time, the Government’s leading employment index, released yesterday, rose for a seventh straight month in November.

Employment will grow faster than the long term trend rate of 2.2 per cent a year in the coming months, the Department of Education, Employment and Workplace Relations said.

Tuesday’s Mid-Year Economic and Fiscal Outlook raised its forecast for employment growth to 2.5 per cent for the 2010/11 financial year.

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