Overview
- ABS data show unemployment fell to 4.3% in October as total employment rose by about 42,000, with full-time jobs up roughly 55,300 and part-time jobs down about 13,100.
- The result beat market expectations for a 4.4% jobless rate and roughly 20,000 new jobs, unwinding September’s surprise rise to 4.5%.
- Broad labour underutilisation edged down to 10.1% and the participation rate held near a record at 67%, indicating remaining slack despite the headline improvement.
- Economists say the tighter labour reading lowers the likelihood of interest rate cuts next year, with several expecting the RBA to keep policy steady for longer.
- Sentiment indicators point to softer conditions, with unemployment expectations at their highest since the pandemic and NAB data showing stagnant hiring, while Westpac research finds more than one in four Australians earning from side gigs.