Unemployment in Australia reaches 4.7%, its highest in nearly five years
FinanceThe Guardian

Unemployment in Australia reaches 4.7%, its highest in nearly five years

Australia's unemployment rate has hit 4.7 per cent, its highest in nearly five years, after the economy shed 39,300 jobs in September, making another RBA rate rise less likely.

Financial markets trimmed the probability of an RBA interest rate rise on 3 November to below 20% following the latest figures

The Long Sip
What happened

The ABS reported Australia lost 39,300 jobs in September, pushing unemployment to 4.7 per cent, the highest level in nearly five years.

The detail

Full-time employment rose by 34,400 but was more than wiped out by a sharp drop of 73,700 part-time jobs, surprising economists who had expected a 20,000 gain.

What it means

The probability of an RBA rate rise on Melbourne Cup day fell to below 20 per cent, though KPMG's chief economist still believes a hike is coming.

For you

Financial markets put the chance of an RBA rate rise on 3 November at below 20 per cent after the data, though some economists still warn a hike cannot be ruled out.

Full story at The Guardian

What readers are saying

lynne63
The full time jobs actually rose by 34400 yet part time fell by 73700 and that is what pushed the headline unemployment to 4.7 percent. In practice that means a lot of people who rely on those part time hours are now worse off even though the government keeps saying the rate is still low by historical standards.
BondiSarah
With underemployment now at 6.3 percent what does that actually mean for the RBA decision on 3 November?
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