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Australia unemployment rate dips, still long way to go

“That helped nudge the jobless rate down a tick to 5.2%, from a one-year peak of 5.3%, the first drop since February when it got as low as 4.9%” writes Midwest Communications Inc for Yet the jobless rate still remains well above the RBA’s aspirational goal of 4.5%, and further declines would likely be needed to lessen the case for more stimulus.”But employment surveys point to jobs growth slowing and we expect unemployment to reach 5.5% by early next year.”. “Almost all of the strength in employment growth over the preceding three years had been matched by higher participation, so there had been little progress on reducing unemployment.”. Indeed, jobs growth ran at a rapid 2.5% in the year to September, well above the latest U.S. performance of 1.4%, yet participation was also near record peaks at 66.1%.

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