October Macro Economy Review

[October - 19 - 2018] Australia's jobless rate unexpectedly dived last month to its lowest since 2012. Figures from the Australian Bureau of Statistics (ABS) out on Thursday showed the unemployment rate dropped to 5% in September, it was the lowest reading since April 2012.

Net employment grew 5,600 in the month, compared to a 44,600 jump in August. The entire fall in unemployment was due to a sharp drop in the number of people actively looking for work in the month. New entrants into the ABS survey had a jobless rate 1.2 percentage points lower than those leaving. The ABS's measure of underemployment, which includes those who want to work more hours, held steady at 8.3%.