Unemployment rate remains steady for September


Australia’s unemployment rate has remained steady for the last month at 6.2 per cent.

While the unemployment rate remained unchanged, the actual number of jobs available fell by 5,100.

The figures were a slight disappointment after economists had expected around 5,000 new jobs have been created in the month. 

Economists say the fall in the number of employed people is probably just a small hiccup for the improving labour market. 

JP Morgan economist Ben Jarman said the fall in job numbers is probably temporary and comes after several months of strong employment growth. 

“Broadly, the story of a stronger than expected labour market is still playing out,” he told Sky News

“Six months ago people were fairly certain that unemployment was on an upward track to six and a half per cent, but it keeps hanging in the low sixes.” 

Mr Jarman told Sky News that business confidence was improving and with slower population growth, it should see unemployment kept in check. 

Currently, the annual employment growth rate is tracking at two per cent. 

“Looking at that alone you can see why the Reserve Bank has been willing to stay on the sidelines for the past few months,” Mr Jarman said. 

National Australia Bank chief economist Ivan Colhoun said Victoria’s unemployment edged higher to 6.2 per cent in September, and that surprised him given indicators such as job ads had suggested the jobs market would be better.

“There’s more demand for labour that’s not showing up in actual employment gains,” he told Sky News

“On average, NSW is creating most of the jobs in Australia, but the Queensland economy has been creating more jobs as well recently.”


News & Resources