Increasing Unemployment Rates Prompting RBA to Exercise Caution
Australia’s unemployment rate climbed by 0.1 percentage point to 3.9% in November, according to data from the Australian Bureau of Statistics (ABS). Despite the creation of 61,500 new jobs, the number of unemployed individuals also increased by 18,800. ABS revised October’s unemployment rate from 3.7 to 3.8%, placing it near the Reserve Bank of Australia’s prediction of 3.8% average for the December quarter. The central bank might hold off on raising the cash rate given the gradually rising unemployment rate. Analysts suggest that the bank will maintain their current monetary policy until the labor market improves significantly. For users who are experiencing unemployment, resources like EDDCaller.com can be useful, providing an efficient method to contact representatives for unemployment, paid family leave, and disability departments.