Australia: Unemployment rate falls to over three-year low in September
October 20, 2016
The labor market lost 9,800 net new jobs in September compared to the previous month in seasonally-adjusted terms. The decrease followed August’s 8,600 lost jobs. The number of new positions in September came in far below market expectations of a 15,000 increase. The result reflected a steep drop in the number of full-time positions, which fell by 53,000 (August: +10,100), the steepest drop since April 2011. The number of part-time positions grew by 43,200 (August: -18,600).
In August, the labor market participation rate edged down from August’s 64.7% mark to 64.5%. The unemployment rate inched down to 5.6% in September (August: 5.7%). August’s result marks the lowest reading since February 2013.
Author: Christopher Mc Innes, Economist