Economics
Australian Unemployment Drops to Lowest in More Than Six Years
- Jobless level declines to 5% as participation rate slumps
- Economy added 5,600 jobs in September, less than expected
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Australia’s jobless rate fell to the lowest in more than six years in September as fewer people sought work, suggesting the drop is unlikely to alter the Reserve Bank’s policy outlook.
While unemployment fell from 5.3 percent to 5 percent -- the level estimated by the central bank to signal full employment -- the workforce participation rate declined to the lowest in almost a year. The data was released by the Australian Bureau of Statistics in Sydney.