November 14, 2024 00:45 GMT
MNI BRIEF: Aussie Unemployment Holds, Employment Weakens
MNI (SYDNEY) - The unemployment rate remained at 4.1% in October, while the economy added 15,914 jobs, lower than the 25,000 market estimate, data released by the Australian Bureau of Statistics showed Thursday.
The Reserve Bank of Australia expects unemployment to reach 4.3% by the December quarter. (See MNI POLICY: Strong Jobs Growth Still Compatible With RBA Cuts)
“While employment grew in October, the 0.1% increase was the slowest growth in recent months,” noted Bjorn Jarvis, head of labour statistics at the ABS. “This was lower than each of the previous six months, when employment rose by an average of 0.3% per month.”
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