In September, the labour market added 14,500 jobs over the previous month in seasonally adjusted terms. The figure contrasted the 9,100 drop recorded in August (previously reported: -8,800 jobs) and was well above market expectations of 3,750 new hires. The reading was driven by a strong increase in full-time jobs (+32,100), which more than compensated for a drop in part-time positions (-17,700). Meanwhile, the number of total job seekers soared by 38,800 persons in September (August: -11,700), marking the highest increase in more than three years. As a result, the unemployment rate jumped from 5.1% in August to 5.4% in September, which was above market expectations that the rate would rise to 5.3% and represents the highest jobless rate since April 2010.
Unemployment rate picks up to highest level in more than two years
October 11, 2012
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Australia Unemployment Chart
Note: Seasonally adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.
Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.