Data Insights
| Oct 17, 2024
Labour market in Australia is going from strength to strength
- The labour market continued its very strong run in September, with employment shooting up by 64,100. The unemployment rate held steady at 4.1%, following a downward revision to the August figure, with the participation rate reaching a record high of 67.2%.
- With the unemployment rate holding steady in September, the labour market is not slackening as quickly as we previously thought. At the margin, this will keep a little more upward pressure on wages and inflation. These data are not strong enough to provoke a rate hike from the RBA. But we do think they support our view that a rate cut is further away than the market currently thinks. We still see the first RBA rate cut coming in Q2 2025.
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