Economic Buzz: Australia unemployment holds at 4.7% as jobs decline sharply

Australia?s labour market weakened in September as employment unexpectedly fell by 39,300 to 14.78 million, while the unemployment rate held at 4.7%, its highest level since October 2021. The number of unemployed rose by 8,900 to 732,000, the highest since April 2021. A sharp decline of 73,700 in part-time jobs outweighed a 34,400 increase in full-time employment. Meanwhile, the participation rate eased to 66.8% from 67.0% in August, its lowest in four months, signalling some moderation in labour market conditions.

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