Unemployment holds at 4.7 per cent, the highest since COVID ended
Australia's unemployment rate stayed at 4.7 per cent in September, marking the weakest post-COVID jobs market as 39,300 fewer people found work.
The jobless rate held steady at 4.7 per cent in September, but the picture underneath is darker. About 39,300 fewer Australians were employed, and the number of unemployed rose by 8,900.
The participation rate, which measures how many people are working or actively job hunting, slipped to 66.8 per cent from 67 per cent. Australia's unemployment rate is the highest since the pandemic ended, in seasonally adjusted terms.
The Reserve Bank had forecast unemployment would fall to 4.5 per cent by December this year; the September quarter average of 4.63 per cent suggests that target is now unlikely. Trend data show the rate remains at 4.6 per cent with hours worked steady.
- 4.7 per cent
- Unemployment rate
- 39,300 fewer people
- Employment decline
- 66.8 per cent
- Participation rate
- 4.5 per cent
- RBA's December forecast
Why it mattersRising unemployment means fewer jobs available, weaker wage growth as workers compete harder, and higher risk of household hardship; it signals economic weakening ahead.
AustraliaAustralians looking for work face a tougher job market; the RBA may need to cut interest rates sooner, which affects mortgage holders and savers differently.
Corroborated byperthnow.com.au
✓ Claims checked against the source. checked 2 h ago
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