Australia’s Job Gains Cool on Higher Rates, Currency Falls
- Employment gains driven by part-time work as full-time fell
- Decline in participation rate pushed unemployment down to 3.6%
This article is for subscribers only.
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,