MNI BRIEF: Aussie Unemployment Climbs To 4.5% In September

Australia’s unemployment rate rose to 4.5% in September, 20 basis points higher than expected, as the economy added 14,900 jobs, data from the Australian Bureau of Statistics showed Thursday.

“This is the highest seasonally adjusted unemployment rate recorded since November 2021,” said Sean Crick, head of labour statistics at the ABS.

Full-time employment increased by 9,000, reflecting a 23,000 rise in full-time male employment offset by a 15,000 fall among females. Part-time employment rose by 6,000, driven by 19,000 more females working part-time, while part-time male employment fell 13,000. Hours worked rose by 0.5% in September, outpacing the 0.1% rise in employment.

The increase in unemployment is likely to complicate the Reserve Bank of Australia’s next policy decision on Nov 4. Markets are pricing in a 48.7% chance of a rate cut.