Unemployment edges higher in October

Unemployment edges higher in October
Joel RobinsonDecember 7, 2020

The seasonally adjusted unemployment rate has risen to 5.3 per cent over October, according to statistics from the ABS released today.

The RBA may have been forgiven to be upbeat after last month where the unemployment rate ticked lower to 5.3 per cent, however the latest batch of figures will no doubt play on their minds heading in to the last official interest rate meeting of the year next month.

Unemployment is now at its highest rate since July last year. The RBA are targeting an unemployment rate at 4.5 per cent.

The employment rate fell by some 19,000 jobs over the month, mainly due to the fact participation rate (people looking for jobs), ticked down to 66 per cent.

Under employment rose 0.2 per cent to 8.5 per cent.

Unemployment edges higher in October

Source: Twitter @JFosterFM

Callam Pickering, APAC economist at Indeed Australia, noted the youth unemployment problem.

"Australia's youth unemployment rate (15-24 years) back above 12%. Australia has a big youth unemployment problem and we don't talk about it enough," he tweeted.

Unemployment edges higher in October

Michael Tull, assistant national secretary community & public sector union, tweeted his thoughts on the overall state of the economy.

"Retail terrible, wages awful and now unemployment up...but hey there’s apparently a budget surplus so everything must be great."


Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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