Australian September unemployment rate 4.5% (expected 4.3%) | investingLive

Australian labour market report

Unemployment Rate 4.5% – an ugly result that’ll reignite expectations for an RBA rate cut on November 4.

• expected 4.3%, prior 4.2%
• 4.5% is approaching a four year jobless rate high

Employment Change +14.9K

• expected +17K, prior -5.4K

Participation Rate 67.0%, a higher result will take a little of the sting out of the jump in unemployment

• expected 66.8%, prior 66.8%

Part-Time Employment +6.2K

• prior +35.5K

Full-Time Employment +8.7K

• prior -40.9K

Like I said above, this report ramps up expectations for a cut from the Reserve Bank of Australia at its next meeting, on November 3 and 4. The Bank wouldn’t respond to just one report but August was really weak also. There is still CPI data to come before the November meeting:

• due on October 29

but it’d have to be climbing rapidly to prevent a cut in November now.