Seasonally adjusted unemployment falls to 3.6% in September
Unemployment has fallen again but it's only because fewer people decided to look for work. The number of jobs created missed expectations and all of the gains were in part-time positions. Some economists say the reserve bank could still raise interest rates next month if inflation remains elevated.
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TVTranscript
00:00 This store wants to hire more workers over the busy Christmas period.
00:07 We have around 15 at the moment, but when the market peaks they could reach up to 20.
00:14 But that might be as good as it gets as the number of people looking for work is dropping,
00:19 which is why the unemployment rate fell in September to 3.6 per cent.
00:24 Fewer than expected jobs were added to the economy,
00:28 full-time positions are dropping while more people are taking on part-time jobs.
00:33 We are seeing some softening around the edges of the data.
00:37 You see it in hours worked, participation has come off a bit but still near record highs
00:43 and we also know that job ads have been a bit weaker.
00:47 Down the hall from the hair product shop, casual worker Tahir Umel is already worried.
00:53 Everything is getting expensive, expensive life is so tough.
00:58 Are you scared that you'll lose hours? Of course.
01:01 More people are also juggling multiple jobs like Jodie Moon.
01:06 I often joke with my clients at the beauty room, yeah I'm a debt collector by day and beautician by night.
01:12 Despite the extra income she says it's still tough to get by.
01:16 Even one of my friends got a second job, like we're all suffering.
01:20 With the unemployment rate technically dropping and inflationary pressures like the rising cost of petrol still ongoing,
01:27 some economists are tipping that the Reserve Bank might hike the cash rate on Melbourne Cup Day.
01:32 Today's job figures will not stand in the way of a rate hike at the November board meeting
01:38 if the inflation data which prints next week comes in sufficiently strong.
01:42 Which could lead to layoffs at Solomon Jebramariam's store.
01:46 If things continue in this direction, of course, obviously we are going to cut.
01:50 Tough decisions in a difficult climate.
01:53 [BLANK_AUDIO]