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Australian employment soars by 58,600 in October

Employment in Australia has seen a return to growth in October, with the number of jobs being advertised in the nation up considerably month on month. 

This comes after a slower than expected September, when the number of new jobs being advertised saw a slight decline compared to the end of summer. According to the government data released this week, there were 58,600 jobs added during the month, underlining a very strong year so far for the market in Australia. 

The rise in employment figures in October was far higher than expected as well. After the reasonably slow September, experts had predicted that the market would see an additional 15,000 jobs in October. In reality, it actually came in at four times more than this prediction. 

According to the data, this rise in the number of jobs available meant a drop in the unemployment rate nationwide. As of October, the jobless rate sits at just 5.9 per cent, again far better than the predicted 6.2 per cent. 

Impressively, the majority of jobs that were added during October were full time positions. According to the government, some 40,000 new jobs came in the full time sector, compared to less than 20,000 part time. 

“Across the board with this data, every box has been ticked for a strong result and on this evidence the economy is doing pretty well,” said Stephen Walters, chief Australia economist at JPMorgan Chase & Co. in Sydney. “It kills off talk of any near-term reduction in interest rates.”

This latest news from Australia means that the nation is now expected to hit its strongest employment figures since 2010. In the first ten months of the year, 231,700 jobs were added across the nation over last year's total, meaning that the market is on target to bring about the biggest number of new jobs for five years by the end of 2015.

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