{"id":646733,"date":"2026-10-15T02:44:09","date_gmt":"2026-10-15T02:44:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/646733\/"},"modified":"2026-10-15T02:44:09","modified_gmt":"2026-10-15T02:44:09","slug":"unemployment-in-australia-reaches-4-7-its-highest-in-nearly-five-years-unemployment","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/646733\/","title":{"rendered":"Unemployment in Australia reaches 4.7%, its highest in nearly five years | Unemployment"},"content":{"rendered":"

Unemployment has reached 4.7% and is at its highest in nearly five years after the economy shed jobs in September as cost of living and higher interest rates bite.<\/p>\n

Signs that the labour market is deteriorating more quickly than anticipated lowered the chance of a Reserve Bank interest rate hike on Melbourne Cup day.<\/p>\n

Financial markets trimmed the probability of a rate rise on 3 November to below 20% following the latest figures, from about 35% earlier this morning, according to Bloomberg.<\/p>\n

The Australian Bureau of Statistics data showed the total number of employed Australians dropped by 39,300 jobs in the month, a surprise for economists who had expected employment to rise by 20,000.<\/p>\n

Full-time employment increased by 34,400 in September, but this was more than offset by a sharp drop in part-time employment of 73,700.<\/p>\n

The ABS figures would have shown the jobless rate ticking higher last month had it not revised up the August figure from 4.6% to 4.7%.<\/p>\n

<\/p>\n

Underemployment, which includes those with jobs but trying to find more work, lifted to 6.3%, from 6.2% in September.<\/p>\n

Financial markets this morning, and before the latest data, put a 40% chance of a hike on Melbourne Cup day, which would be the fifth for the year as the central bank attempts to bring inflation back toward its 2.5% target over the coming 12 months.<\/p>\n

The unemployment rate has lifted this year from 4.1% as the economy slows, but there are no immediate signs of a rapid deterioration in the jobs market.<\/p>\n

RBA board members at their last meeting discussed how the labour market appeared \u201cbroadly stable\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"Unemployment has reached 4.7% and is at its highest in nearly five years after the economy shed jobs…\n","protected":false},"author":2,"featured_media":646734,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-646733","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/646733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=646733"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/646733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/646734"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=646733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=646733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=646733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}