Unemployment rate in Australia rose to 5.8% in October meeting analyst's forecasts compared with a previous 5.7%. Employment change came in at 24.5 thousand from a previous revised 39.8 thousand from 40.6 thousand, and it came better than expectations that referred to -10.0 thousand.

Despite jobless rate increased, the Australian labor market remains better than forecasted especially that Mr. Stevens the governor of the Reserve Bank of Australia said that unemployment may peak at 6.0% that he considered a low peak, while the reserve bank said that employment will be subdued this year and it will accelerate by 2010.

However, today's report showed that the number of full time jobs increased by 2,900 in October, while the part time employment inclined 21,500.