reduction of employment in Australia; The unemployment rate remained at a five-year high

The latest official statistics show that employment in Australia fell in September, contrary to economists' forecasts, and the unemployment rate remained at 4.7 percent.

According to the Mehr reporter, according to the data of the Australian Bureau of Statistics, the number of employed people in September decreased by 39 thousand 300 people compared to the previous month. This is despite the fact that analysts had predicted an increase of about 20,000 people in employment.

According to Reuters, the decline in employment came mainly from the part-time job sector; So that the number of part-time workers decreased by 73,700 people. On the other hand, full-time employment was associated with an increase of 34,400 people.

The unemployment rate remained at 4.7%; A level that has been described in recent reports as the highest level in the last five years.

The rate of economic participation also reached 66.8% with a decrease of 0.2 percentage points, and the rate of underemployment was recorded at 6.3% with an increase of 0.1 percentage points.

This statistic is a sign of the slowing down of the labor market; A market whose condition is one of the important factors in the decision of the Central Bank of Australia regarding the interest rate.

Following the release of the data, traders downplayed the possibility of an interest rate hike at the central bank's November meeting. However, the persistence of inflationary pressures can complicate decision-making for policy makers; Because the weakness of the labor market, on the one hand, and inflation above the target range, on the other hand, put different considerations before the central bank.