Australia’s jobs market shed workers for the second month in a row in January, in a sign the Reserve Bank’s nine consecutive rate rises are starting to bite.
Australia’s jobs market shed workers for the second month in a row, in a sign the Reserve Bank of Australia’s nine consecutive rate rises are starting to bite and raising questions about how much additional tightening is needed.
Economists had cautioned that a large swing in employment was possible due to the difficulty of seasonally adjusting volatile January data, saying that the unemployment rate would provide a better guide to the strength of the labour market. About 11,500 people lost work in January, as a 31,800 lift in part-time employment was more than offset by a 43,300 decrease in full-time employment.The number of unemployed people increased by 21,900 people, while the underemployment rate held steady at 6.1 per cent.
ABS head of labour statistics Bjorn Jarvis said there was a larger-than-usual increase in unemployed people in January, as well as a similarly larger-than-usual rise in unemployed people.
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