More than 15k new jobs across nation

THE jobless rate edged lower last month as almost 15,000 more people found jobs across Australia, official figures reveal.

Unemployment dipped from 5.3 per cent to 5.2 per cent, the Australian Bureau of Statistics said yesterday.

It came as the number of employed people increased by a net 14,700 to 12.93 million, seasonally adjusted. While there was an increase of 26,200 in the number of people with full-time work, it was offset by a slide of 11,400 in the number with part-time work.

The participation rate, broadly measuring the number of working-age people in or seeking jobs, fell from 66.2 per cent to 66.1 per cent. Most economists had expected the unemployment rate to remain unchanged.

Across the states, Victoria’s jobless rate fell from 4.9 per cent to 4.7 per cent. New South Wales had the lowest rate at 4.5 per cent, albeit up from 4.3 per cent in August.

Queensland had the highest unemployment rate at 6.5 per cent after South Australia’s rate fell from 7.3 per cent in August to 6.3 per cent last month. Capital Economics senior economist Marcel Thieliant said the Reserve Bank would be relieved by the fall in unemployment, but he expected the jobless rate would soon rise again.

“Employment surveys point to jobs growth slowing to around two per cent by early next year and falling job vacancies suggest that the slowdown could be even more pronounced,” Mr Thieliant said. “While job advertisements haven’t fallen much further in recent months, they still point to an unemployment rate of around 5.5 per cent.”

That is above the RBA’s 4.5 per cent target, which Mr Thieliant said means further rate cuts are still needed.