Financial News: Australia Unemployment Rate Remains Stable

Australia Unemployment Rate Remains Stable

09/19/2024 - 03:36:00 (RTTNews)

(RTTNews) - Australia's unemployment rate held steady in August and employment increased strongly, suggesting that the labor market remained tight.

Data from the Australian Bureau of Statistics showed that the jobless rate remained unchanged at 4.2 percent in August, in line with expectations.

The net employment increased by 47,500 on month in August, which was much higher than the expected increase of 26,400. The participation rate held steady at a record high of 67.1 percent.

"The growth in employment increased the employment-to-population ratio by 0.1 percentage point to 64.3 percent, which is just below the November 2023 historical high of 64.4 percent," said ABS head of labour statistics Kate Lamb.

Lamb said the high employment-to-population ratio and participation rate shows that there are still large numbers of people entering the labor force and finding work, as employers continue to look to fill a more than usual number of job vacancies.

Capital Economics' economist Marcel Thieliant said the available data will leave the Reserve Bank of Australia no choice but to stick to its assessment that the labor market is operating above full capacity.

The economist said the RBA will only lower interest rates in the second quarter of 2025.

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