There were 29,500 jobs lost in September while unemployment increased by 11,000 according to the Australian Bureau of Statistics.
This beat economist's expectations of a rise to 7% in the unemployment rate and 40,000 lost jobs.
Head of Labour Statistics at the ABS Bjorn Jarvis said stage 4 restrictions in Victoria are still impacting the figures.
"Employment decreased by around 0.2%, following the strong increase in August. Employment in September was around 3.3% below March.
“The data also showed that hours worked rose by 0.5%, following a small decrease in August (0.1%). However, hours worked were 5.1% below March.
"The September data provides further insights into the labour market impacts from the Stage 4 restrictions in Victoria. Employment in Victoria decreased by 36,000, following a fall of 37,000 in August. Hours worked in the state fell by a further 2.1%, following the 4.6% fall in August,” Mr Jarvis said.
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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.00% p.a. | 5.50% p.a. Intro rate for 4 months then 5.00% p.a. | $1,046 | 4 months | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
4.70% p.a. | 5.40% p.a. Intro rate for 4 months then 4.70% p.a. | $998 | 4 months | $250,000 | $99,999,999 | $0 | $0 | – |
| Promoted | Disclosure | ||||||||
0.00% p.a. Bonus rate of 5.50% Rate varies on savings amount. | 5.50% p.a. | $1,128 | – | $0 | $99,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
1.00% p.a. Bonus rate of 4.20% Rate varies on savings amount. | 5.20% p.a. | $1,065 | – | $0 | $99,999,999 | $1,000 | $0 | $0 |
| ||||||||||
0.55% p.a. Bonus rate of 4.95% Rate varies on savings amount. | 5.50% p.a. | $1,128 | – | $0 | $99,999 | $1,000 | $0 | $0 |
| Disclosure |
The figures are just below the 6.8% unemployment rate in August.
The unemployment rate peaked at 7.5% in July and so far looks to be on the downwards slide.
Source: ABS
The participation rate remained steady at 64.8% while the underemployment rate increased to 11.4%
Nationally, full-time employment increased for females but fell for males. Female full-time employment was 3.4% below March, while male full-time employment was 4.0% below.
Full-time jobs fell 20,100, while part-time jobs fell by 9,400.
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