Photo by Tim Cooper on Unsplash
Australia's unemployment rate has risen to 6.9% in September with almost 30,000 jobs lost in seasonally adjusted terms.
There were 29,500 jobs lost in September while unemployment increased by 11,000 according to the Australian Bureau of Statistics.
This beat economist's expectations of a rise to 7% in the unemployment rate and 40,000 lost jobs.
Head of Labour Statistics at the ABS Bjorn Jarvis said stage 4 restrictions in Victoria are still impacting the figures.
"Employment decreased by around 0.2%, following the strong increase in August. Employment in September was around 3.3% below March.
“The data also showed that hours worked rose by 0.5%, following a small decrease in August (0.1%). However, hours worked were 5.1% below March.
"The September data provides further insights into the labour market impacts from the Stage 4 restrictions in Victoria. Employment in Victoria decreased by 36,000, following a fall of 37,000 in August. Hours worked in the state fell by a further 2.1%, following the 4.6% fall in August,” Mr Jarvis said.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.
Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of August 10, 2022. View disclaimer.
The figures are just below the 6.8% unemployment rate in August.
The unemployment rate peaked at 7.5% in July and so far looks to be on the downwards slide.
Source: ABS
The participation rate remained steady at 64.8% while the underemployment rate increased to 11.4%
Nationally, full-time employment increased for females but fell for males. Female full-time employment was 3.4% below March, while male full-time employment was 4.0% below.
Full-time jobs fell 20,100, while part-time jobs fell by 9,400.
Latest Articles
- CBA results: Borrowers at capacity increase, large swing back to variable-rate home loans
- Guide to AMP’s Savings Account
- How have rising interest rates impacted consumer confidence this month?
- Household spending continues to rise in June: ABS
- Frollo pulls the plug on controversial screen-scraping methods
Latest News
Guide to AMP’s Savings Account
August 09, 2022
Household spending continues to rise in June: ABS
August 09, 2022
Frollo pulls the plug on controversial screen-scraping methods
August 09, 2022
ING increases popular savings account rate to 3.10% p.a.
August 04, 2022
Be Savings smart.
Subscribe for free money newsletters.
to the Savings Privacy Policy
