AUSTRALIA'S jobless rate is tipped to remain steady in December, amid expectations the housing market recovery will create jobs.
Unemployment is forecast to remain at 5.8 per cent when labour force figures for December are released on Thursday, according to an AAP survey of 14 economists.
The number of people with jobs is forecast to rise by 5,000 while the participation rate - the percentage of the working-age population either in work or looking for a job - is expected to remain steady at 64.8 per cent.
HSBC chief economist Paul Bloxham said the pickup in housing as well as retail sales would begin to flow through to job creation, curbing the unemployment rate before it reaches six per cent.
"We think the rebalancing of the Australian economy is happening very slowly but we do think it is happening and we think that's going to start showing up in the labour market sometime fairly soon," Mr Bloxham said.
But JP Morgan chief economist Stephen Walters said job creation in retail and housing wouldn't be enough to stop the unemployment rate from drifting above six per cent.
JP Morgan forecasts that unemployment will reach 6.5 per cent by mid-year.
"We do think there will be job creation in those sectors but just not enough to absorb the new entrants into the labour force," Mr Walters said.
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