According to economists’ forecasts, Australia’s unemployment rate has remained stable at 4.1 percent, new statistics have revealed.
Australian Bureau of Statistics data released today showed the economy added just under 16,000 new jobs last month.
It was a slightly lower number than the job market had expected and could be a sign that the Reserve Bank is cutting interest rates for the first time in years, economic experts said.
They stated that even though the unemployment rate is expected to rise, it is not yet happening and on such a situation, interest rates are likely to be cut in February.
Economists had expected the unemployment rate to rise to around 4.5 percent, and the number of people without jobs was higher than a year ago.
However, the statistics show that the numbers are still much lower than the level seen at the beginning of the Covid epidemic.
The head of labor statistics, Jorn Jarvis, said the number of unemployed people in October was 67,000 higher than a year earlier, but still 82,000 lower than in March 2020.
Employment rose 0.1 percent in October, the slowest increase in recent months.
