Finance Finance News Unemployment rate steady at 6.2%

Unemployment rate steady at 6.2%

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The unemployment rate has held steady at 6.2 per cent as over 24,000 jobs were added last month.

The steady result is based on revised September figures, after the Bureau of Statistics was forced to re-evaluate its seasonal adjustment figures in light of recent survey changes.

Economist forecasts centred on a 6.2 per cent unemployment rate, with most expecting around 20,000 jobs to be added.

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In further positive news, the participation rate – the proportion of those aged over 15 in work or looking for it – also ticked up 0.1 percentage point to 64.6 per cent.

Another positive sign was a 1.6 per cent increase in the total number of hours that Australians were estimated to have worked last month to just over 1.6 billion.

The data were solid enough to very briefly drive the Australian dollar back above 86 US cents, following a strong overnight decline that had taken it to four-year lows.

However, the bounce was short-lived, and the local currency was buying 85.68 US cents by 11:40am (AEDT).


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