Australia: Unemployment rate rises less than expected in September
Seasonally-adjusted employment fell by 29,500 in September, following a revised 129,000 jobs gain in August (previously reported: +111,000). September’s result was driven by a decrease in both part-time and full-time employment. Analysts had expected employment to fall by 35,000.
Meanwhile, the seasonally-adjusted unemployment rate inched up to 6.9% in September, from August’s 6.8%, again beating market expectations of a 7.1% unemployment rate. Moreover, the participation rate inched down from 64.9% in August to 64.8% in September. Additionally, the seasonally-adjusted underemployment rate remained rose from August’s 11.3% to 11.4%.