Stagnant Unemployment amid Slowing Employment Growth
The Australian Bureau of Statistics (ABS) has released new labor force figures. Unemployment in October remained steady at a rate of 4.1%, with job growth moderating at 16,000. Though the expected unemployment rate was met, the projected job growth fell short; it was anticipated to reach around 25,200. The head of labor statistics at ABS, Bjorn Jarvis, stated that the unemployment rate of 4.1% had remained constant for three consecutive months. The number of unemployed people in October was higher compared to the same period last year, yet still lower than in March 2020. The participation rate slightly declined to 67.1 percent while the employment-to-population ratio remained at the record high of 64.4 percent. On trend terms for October, the unemployment rate held at 4.1% while employment grew by approximately 36,800 people (0.3 per cent), surpassing the pre-pandemic average growth rate of 0.2%.
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