According to the Australian Bureau of Statistics (ABS), the net employment in Australia went up by only 6,700 in September from what it was in August, when it surged 63,300. This was below expectation, however, because market forecasts had expected an increase of about 20,000.
The unemployment rate fell to 3.6 per cent, which was below the predicted 3.7 per cent, partly because the participation rate has dropped from 67 per cent to 66.7 per cent. That means, lesser number of people are hunting for jobs. Full employment fell by 39,900 which reverse the 2,800 increment that happened in August. Hours worked in all jobs per month dropped by 0.4 per cent, but was increased 2.9 per cent year-over-year (YoY).
The figures show the resilience of the labour market of the country. About 3,94,300 net jobs have been added in the 12 months to September amidst interest rates going up 400 basis points to 4.1 per cent, probably the highest in 10 years.
Taking into account the last two months, the average monthly job growth stood at 35,000, which was in alignment with the annual average growth.