Australia’s unofficial unemployment rate increased slightly last month to 3.7 per cent, its 14th consecutive month at near-50 year lows below 4 per cent, new figures reveal.
The Australian Bureau of Statistics on Thursday reported a small drop in employment and a small rise in the number of unemployed people.
Economists had expected the rate to hold steady at 3.5 per cent.
In WA, the unemployment rate was steady at 3.6 per cent.
The Reserve Bank of Australia and the Treasury Department expect the unemployment rate to gradually ease over the next year to closer to 4.5 per cent — still well below historic averages and the previous established principle that “full employment” was 5 per cent.
Australia’s unemployment rate has been below 4 per cent since March last year. The previous low was 2.7 per cent in mid-1974.
More to come…
