Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MNI (SYDNEY) - Australia continued to show strong jobs growth in September, adding over 64,000 positions, higher than the 25,000 market expectation, while the unemployment rate tightened 10 basis points to 4.1%, data from the Australian Bureau of Statistics showed Thursday.
The Reserve Bank of Australia has forecasted unemployment to reach 4.3% by the December quarter.
Monthly hours worked, a key consideration for the RBA to understand potential weakness in the labour market, increased to 1,965 million. (See MNI POLICY: RBA Watches Data For Downside Inflation Risk)
“Employment has risen by 3.1% in the past year, growing faster than the civilian population growth of 2.5%,” said Bjorn Jarvis, head of labour statistics at the ABS. “This has contributed to the increase in the employment-to-population ratio by 0.1 percentage point, and 0.4 pp over the past year, to a new historical high of 64.4%."
The record employment-to-population ratio and participation rate shows there are large numbers of people entering the labour force and finding work in a range of industries, he added.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.