Australia added more jobs than expected in November, suggesting continued improvement in the labor market, but analysts remain skeptical on how reliable the data is.
The Australian economy added 42,700 jobs, above the 15,000 forecast by Reuters, data from the Australian Bureau of Statistics (ABS) showed on Thursday. The employment rise was made of 1,800 full-time jobs and 40,900 part-time jobs.
The jobless rate was 6.3 percent, up from 6.2 percent in October.
"Australia's labor market remains loose, but is showing signs of stabilizing," HSBC wrote in a note.
"However, trend employment growth remains subdued - the economy has only added an average of 13k jobs a month over the past six months. That is not enough to keep up with population growth," it said. "The slow pace of the economy's rebalancing has been evident in the labor market, where unemployment has continued to rise fairly steadily. If job gains like those reported in November continue, though, the unemployment rate should start to stabilize."
A closer look highlights still weak conditions in the Australian labor market, Goldman Sachs wrote in a note. "In particular, we note that trend jobs growth is poor and skewed to part-time positions, the unemployment rate continues to trend higher, hours worked are weak, and rates of underutilization have rapidly increased to a 17-year high."
The reliability of the jobs numbers has been in question recently, with the notoriously volatile data being revised repeatedly in recent months.