Unemployment rate falls to 3.4 percent in October, pay rises lag behind inflation


Unemployment rate falls to 3.4 percent in October, pay rises lag behind inflation

New data from the Australian Bureau of Statistics show while the jobless rate is falling, real wages have dropped a record 4.2 percent for the year.


  • Australia’s unemployment rate has fallen to 3.4 percent.

  • The unemployment rate has been hovering near 50-year lows, dropping to 3.4 percent in July.

  • Pay rises are still lagging well behind inflation, with real wages dropping a record 4.2 percent for the year.

In the report from the (ABS) Australian Bureau of Statistics, it is stated that with the increasing number of available jobs the unemployment rate within Australia has dropped 3.4 percent after 16,800 additional jobs were added to its economy in October and at the same time, the percentage of the working population within the Labor force is still at 66.6 percent. The latest data has also shown that Australia’s unemployment rate fell to 3.4 percent in October after 16,800 jobs were added to the Australian economy. Therefore it was revealed through the results of the ABS report that Australia has a plentiful number of vacant jobs and a high demand for labor.

Furthermore, it is also expected by the Commonwealth Bank economists that around 15,000 more jobs would be added to Australia’s economy in October while the jobless rate will experience a slight increase from 3.5 percent to 3.6 percent.

The jobless rate within the country had also held at 3.5 percent during August and September however the figures for September had shown signs of the labor market passing its tightest point along with a less-than-estimated increase in the number of jobs (only 900).

Furthermore, the fierce competition for labor had led to a 3.1 percent annual boost to wages for the 12 months to September however despite this, the pay rises are still lagging behind inflation and the real wages have dropped to a record 4.2 percent for the year.

Unemployment rate falls to 3.4 percent in October, pay rises lag behind inflation

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