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".

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