Posted 10/19/2023, 12:53:23 AM
Australian Unemployment Rate Falls to 3.6%, Increasing Pressure for RBA Rate Hike
- Unemployment rate in Australia fell to 3.6% in September, down 0.1% from previous month
- Number of unemployed people fell by around 20,000, while employment rose slightly by 7,000
- Drop in unemployment increases likelihood of RBA raising interest rates at November meeting
- RBA cash rate currently at 4.10%; RBA has held rates steady for 4 months
- Further rate hikes could risk recession in 2024, so November hike may be premature policy mistake
