US EditionUnemployment Rate Hits Four-Year High, Putting Pressure on RBA to Cut Rates
Unemployment rose to 4.5%, the highest in nearly four years, driven by 34,000 more job seekers despite 15,000 new jobs, increasing pressure on the Reserve Bank of Australia.
- On Thursday, the Australian Bureau of Statistics reported the unemployment rate hit 4.5 per cent in September, up from 4.3 per cent, with jobless numbers rising from 650,000 to 684,000.
- Behind the headline, labour-force participation indicated the participation rate climbed to 67 per cent while both men and women seeking work increased last month.
- Employment metrics indicate that employed people also grew by 15,000, while twelve‑month job growth slowed to 1.3 per cent with 190,500 positions added.
- Markets reacted as the Australian dollar lost almost half a cent against the US dollar and financial markets priced higher chances of a rate cut, putting pressure on the Reserve Bank of Australia.
- With the November 4 meeting approaching, the fresh data arrives three weeks before the RBA's decision on Melbourne Cup day, November 4, and the ABS quarterly inflation release in two weeks.
18 Articles
18 Articles
ASX hits record as jobless rate rises to 4.5%
SBS Finance Editor Ricardo Gonçalves speaks with Chris Brycki from Stockspot while Stephanie Youseff talks with Alex Joiner from IFM Investors about the rise in the unemployment rate to a near four year high, what it means for interest rates and why the sharemarket hit a record as a result.
Australia’s Unemployment Rate Rises to 4.5 Percent, Highest Since 2021
Seasonally adjusted unemployment rose to 4.5 percent in September, up from a revised 4.3 percent in August, according to data released by the Australian Bureau of Statistics (ABS). There were 34,000 more people unemployed in September than in the previous month. There was a rise in both men and women seeking work. The number of unemployed males rose by 24,000 to 370,000, while the number of unemployed females rose by 10,000 to 314,000. The num…
Sydney Morning Herald
The AgeUnemployment rate hits four-year high, putting pressure on RBA to cut rates
The number of Australians out of work hit 684,000 in September – nearly 13 per cent higher over the year – pushing the unemployment rate to 4.5 per cent.
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