Despite a solid increase in the number of employed people over October, the unemployment rate still ticked up from 3.6 per cent to 3.7 per cent given the increase in unemployed people.
Total employment over the year has increased by 3.0 per cent, however the number of unemployed people has increased by 13.2 per cent, meaning the lack of available workers that has been a feature of the economy since the end of lockdowns is now starting to be less of a problem for employers. The increase in unemployment, despite good gains in employment numbers, can be attributed to population growth, increasing the pool of available people of working age population.
Today’s data provides further evidence of continued weakening in the economy, and while this weakening is happening slowly, the unemployment rate gives the RBA very little reason to increase the cash rate further at the last board meeting of the year in December.
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