MT Newswires -Shutterstock <\/p>\n
Unemployment in Australia spiked to its highest in four years in September as the number of jobseekers grew.<\/p>\n
The seasonally adjusted unemployment rate jumped 4.5%, the highest since November 2021. The current figure is higher than a revised 4.3% in the prior month, according to Thursday data from the Australian Bureau of Statistics. <\/p>\n
“There were 34,000 more unemployed people in September. The number of employed people also grew, up 15,000 in the same period,” Sean Crick, ABS head of labour statistics, said.<\/p>\n
The participation rate climbed to 67% from 66.9%. But the rate is still below the record of 67.2%, Crick said, which was posted at the beginning of the year. <\/p>\n
“Higher participation, combined with softer hiring, opened up a bit more labour market slack in September,” Westpac economist Ryan Wells said.<\/p>\n
The employment-to-population ratio remained steady at 64%, the ABS said. <\/p>\n
The underemployment rate, which tracks down part-time workers, rose to 5.9% in the same month from 5.7%. The increase indicates that these workers may be seeking more work hours.<\/p>\n
“We suspect that this can largely be explained by the pull-back in part-time employment growth from its peak of around 6%yr to 2%yr currently, meaning there are relatively fewer part-time workers entering the workforce and seeking extra hours of work,” Wells said.<\/p>\n
Given the data, which signaled a weaker-than-expected Australian jobs market, analysts’ bet of a rate cut in November has become stronger. <\/p>\n
“With unemployment moving in the other direction, we maintain our view that a rate cut is warranted in November, with a final cut this cycle in Q1 next year,” Harry Murphy Cruise, Oxford Economics Australia’s head of economic research and global trade, said. <\/p>\n
Westpac predicted the interest rate to be trimmed by 25 basis points in November.<\/p>\n","protected":false},"excerpt":{"rendered":"MT Newswires -Shutterstock Unemployment in Australia spiked to its highest in four years in September as the number…\n","protected":false},"author":2,"featured_media":217811,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,63,169,133074,44,133073,133075,133072,4847],"class_list":["post-217810","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-au","tag-australia","tag-australian-bureau-of-statistics","tag-labour-statistics","tag-news","tag-ryan-wells","tag-sean-crick","tag-underemployment-rate","tag-unemployment"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/217810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=217810"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/217810\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/217811"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=217810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=217810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=217810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}