November 09, 2007	Friday	Shawwal 27, 1428

SYDNEY, Nov 8: Australia’s unemployment rate rose to 4.3 per cent in October from a low of 4.2 per cent the previous month, the Australian Bureau of Statistics (ABS) said on Thursday.

Economists had predicted unemployment would remain at 4.2 per cent, a level hit earlier this year for the first time in 33 years.

It was the first rise in the jobless rate since February and follows an interest rate rise on Wednesday widely seen as a potential fatal blow to the government’s chances of re-election in a November 24 vote.

Prime Minister John Howard hailed the unemployment figures as “stunning” and an endorsement of his government’s controversial industrial relationspolicies.

“We’ve had sustained low unemployment now for 20 consecutive months,” he said, repeating a target of reducing unemployment to around 3pc if re-elected.

The ABS said total employment rose by a seasonally adjusted 12,900 jobs in October to 10.53m, against economist expectations of a rise of 20,000.—AFP