Rate cuts to go on despite jobless drop

Original article by Michael Roddan
The Australian Financial Review – Page: 2 : 18-Oct-19

Official data shows that Australia’s unemployment rate fell from 5.3 per cent to 5.2 per cent in September, after the participation rate eased to 66.1 per cent. The economy added 14,700 jobs during the month, with a 26,200-strong increase in full-time jobs being offset by the loss of 11,400 part-time positions. Westpac economist Simon Murray expects the small fall in the jobless rate to be temporary, adding that it will give the Reserve Bank more time to assess the state of the economy before taking any further action on interest rates. The official underemployment rate is currently 8.3 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS

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