MNI BRIEF: Aussie Unemployment Steady, Job Creation Strong
MNI (SYDNEY) - Australia unemployment printed at 4.2% over August, steady from July and in line with market expectations, however, the economy added 47,500 jobs, higher than the 26,000 expected, according to data released by the Australian Bureau of Statistics Thursday.
“The growth in employment increased the employment-to-population ratio by 0.1 percentage point to 64.3%, which is just below the November 2023 historical high of 64.4%,” said Kate Lamb, head of labour statistics at the ABS.
The Reserve Bank of Australia updated its assessment on the labour market and demand within the economy following its August meeting, which could lead the bank to hold the cash rate at 4.35% for longer. (See MNI: Markets Overplaying End-of-Year RBA Cut - Ex-Economists) The RBA expects the unemployment rate to reach 4.3% by Q4.