/ 20 October 2023

Ups and downs in the jobs market

Image source: iStock
Image source: iStock

Analysts reckon another rate rise could be on the cards after Australia’s unemployment rate fell to 3.6% last month, down from 3.7% in August. The latest data from the Bureau of Statistics found that 6,600 new jobs were added in September – that’s below the expected 20,000 new jobs. Also affecting the number was the drop in the participation rate, meaning heaps of unemployed Aussies stopped looking for work. Treasurer Jim Chalmers said it was a “welcome result” but echoed RBA Governor Michele Bullock – she says the ongoing conflict in the Middle East could impact oil prices, keeping inflation stubbornly high. Cue analysts getting ready for next week’s inflation data…

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