The unemployment rate rose to 4.6% in Australia in September, as reported by the Australian Bureau of Statistics, rising from 4.5% the previous month and reaching below estimates of a rise to 4.8%.
The change in employment was -138,000 employees in September, close to the -137,500 forecast and after the -146,300 registered the previous month.
Part-time employment fell by -164,700 people, while full-time employment increased by 26,700.
About the unemployment rate
The Australian Bureau of Statistics (ABS) publishes an overview of trends in the Australian labor market, with the unemployment rate as a closely watched indicator. It is published about 15 days after the end of the month and sheds light on general economic conditions as it is highly correlated with consumer spending and inflation. Despite the lagging nature of the indicator, it affects the interest rate decisions of the Reserve Bank of Australia (RBA), in turn, moving the Australian dollar. The bullish figure tends to be positive for the Australian dollar.
The unemployment rate published by the Australian Bureau of Statistics is the number of unemployed divided by the working population. If the rate increases it indicates a decrease in the growth of the Australian job market. A rise in the rate indicates a weakening in economic activity. A result below expectations is bullish for the Australian dollar, while a result above is bearish.
About the change in employment
The change in employment published by the Australian Bureau of Statistics is an estimate of the number of unemployed in Australia. In general, an increase in this indicator has positive implications for consumer spending, which stimulates economic growth. A result above expectations is bullish for the Australian dollar, while a result below the market consensus is bearish.
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