Australian employment came in weaker than expected in September, reflecting the Reserve Bank’s assessment that the labor market has reached a “turning point,” while fewer people searching for work sent the jobless rate lower.
The economy added 6,700 roles from the prior month — driven primarily by part-time jobs — well below estimates for a 20,000 gain and the participation rate slipped to 66.7% from 67%, Australian Bureau of Statistics data showed Thursday. The unemployment rate slid to 3.6%, having hovered in a range of 3.4%-3.7% since June last year,
The data chime with the RBA’s recent assessment that the labor market is beginning to cool in response to higher interest rates. New Governor Michele Bullock this week highlighted a series of obstacles to cooling inflation pressures, including low unemployment.
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