Australia Sept employment misses forecasts, jobless rate ticks lower
© Reuters. An office worker casts a shadow as he climbs a set of steps in Sydney's central business district in the early hours of February 7, 2007. REUTERS/Tim Wimborne/File photo
The jobless rate dipped to 3.6%, under forecasts for a steady 3.7%. That was partly due to a pullback in the participation rate to 66.7%, from a record high of 67%. The labour market has proved remarkably resilient with 394,300 net jobs added in the 12 months to September even as interest rates have climbed 400 basis points to a decade-high of 4.1%.
Michele Bullock, the new RBA governor, on Wednesday warned there were signs that inflation in the country might be difficult to suppress, and policymakers will have to raise rates again if inflation remains higher than expected.
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