There are signs the job market is starting to struggle despite the nation’s unemployment rate remaining steady at 4.2 per cent in August.
The Australian Bureau of Statistics this morning reported that despite the jobless rate not moving last month, the total number of people in work fell by 5000.
Full-time employment dropped by a large 41,000, offset by a 36,000 increase in part-time work. Most of the pain was borne by women, with female full-time employment down by 30,000.
The jobless rate did not move as the number of people looking for work also edged down, by almost 1000.
The participation rate, which tracks the number of people in work or looking for it, also edged down by 0.1 per cent, helping to keep the jobless rate unchanged.
Ahead of the figures, financial markets put the chance of an interest rate cut at the Reserve Bank’s November meeting at 90 per cent.
Read the full article here
