Economy

Unemployment rate falls to 5.2pc

Unemployment rate falls to 5.2pc”

Yet the male unemployment rate actually increased to 5.4 percent, due to a 6.7k decline in employment, while the female unemployment rate dropped to 5.0 percent on the back of a solid 21.4k rise in employment. Today's release shows unemployment was at 5.2% in September, still far from the RBA target, but improving.

Certainly, if the RBA is intent on seeing the unemployment rate fall to 4.5 %, then the economy isn't growing almost fast enough to achieve that, and so this could be one argument for embarking on unorthodox policy measures.

But worryingly, central bankers these days seem to be far more sanguine about the effects of such policies, as a recent BIS paper from a committee co-chaired by the RBA's Governor Lowe indicates.

Full-time employment increased by 26.2k, more than making up the previous month's loss, while part-time employment fell 11.4k.

New South Wales saw its unemployment rate tick up from 4.3 per cent to 4.5 per cent, while Victoria's dropped from 4.9 per cent to 4.7 per cent.

It rose to 5.3 per cent from 5.2 per cent in August.

The RBA is hoping to move closer to its goal of achieving 'full employment, which is estimated to be an unemployment rate of 4.5% or lower.

Unemployment has been one of the main factors suppressing wage growth, consumption and inflation, with the result that the Reserve Bank has cut the cash rate three times in the past five months.

"Employment surveys point to jobs growth slowing to around two per cent by early next year and falling job vacancies suggest that the slowdown could be even more pronounced", Mr Thielant said.

The seasonally adjusted unemployment rate dropped from 5.3 per cent to 5.2 per cent in September, according to figures released today by the ABS.

"The ongoing risk that the unemployment rate will trend upwards keeps open the case for the RBA to cut rates further".



Like this

loading...
loading...

Latest


17 October 2019
Google's Pixelbook Go is a MacBook-esque Chrome OS laptop
Google recently unveiled its new Pixelbook Go , and it's fair to say that a lot of people are a bit disappointed with this entry. Still, Google's own Pixelbook is the best of the best, and now it's better, thinner, lighter, faster, and more affordable.

17 October 2019
Jio asks Trai to stop IUC scrapping schedule consultations
Disclosure: Reliance Industries , the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com . Commenting on a media query on Reliance Jio's move he said, "IUC has nothing to do with tariff".

17 October 2019
Yahoo is shutting down its Groups website and deleting all content
It allowed Yahoo users to create and join groups, and post content to these groups directly using a web browser or by using email. Yahoo notes that Yahoo Groups will continue to exist but that all public groups will be set to private or restricted.

17 October 2019
Prince William and Kate Middleton arrived at Chitral
Isolated communities in the area have suffered from flash flooding in recent years as a result of the glaciers melting. William and Kate have travelled to Pakistan at the request of the Foreign and Commonwealth Office.

17 October 2019
Tyson Fury to officially wrestle WWE's Strowman?
The former WBA, WBO an IBF World Heavyweight Champion will also not be able to resume sparring until December at the earliest. Fury may need some worries that he might open up an previous boxing lower on his face in his match.

17 October 2019
Bradley Beal & Wizards Agree To Massive Max Deal, NBA Twitter Reacts
The deal includes a player option for the 2022-23 season and the total value could go up to four years and almost $130 million. His agent, Mark Bartelstein of Priority Sports, confirmed the news, speaking with ESPN on Thursday (17/10).

17 October 2019
Will discuss Dhoni's future with selectors - Ganguly
There is no difference in day-night Test matches and day Tests. "They are such class players, they can win", Ganguly concluded. Every country has to play day-night Test, that's a long-term future for Test cricket. " We will deal with it ".

17 October 2019
Fourth Defendant Arrested in Probe of Giuliani Associates
Governor Ron DeSantis' campaign received $50,000, which the governor has since returned to the federal government. Some of the illegal contributions were made to a political action committee supporting Trump, authorities said.

17 October 2019
Some Apple Users' Safari Data Sent to China's Tencent, Researcher Says
The most recent release of the Safari browser will prevent publishers from detecting when users have private mode enabled. It is not the first time that Apple has been criticized for working with a Chinese company to handle local data.

17 October 2019
Health departments offer flu season reminders
Our newsletter delivers the local news that you can trust. "Also I have asthma, so I have to make sure I don't get the flu". People also should avoid congregating in public settings when they are ill to minimize the risk of infecting others.