Employment jumps 51,600 in September, jobless rate falls to 4.1 per cent.
Sarah Jones
The number: Australian employment jumped 51,600 in September, following a 47,500 gain the previous month. The unemployment fell to 4.1 per cent.
Consensus was for 25,200 jobs created and unemployment steady at 4.2 per cent.
Why it matters: The labour market is considered key to help bring inflation back to the Reserve Bank’s inflation target, but is also part of the central bank’s mandate preserve jobs gains since the pandemic.
What has changed: The US Federal Reserve has kicked off its easing cycle with a jumbo 50 basis point rate cut last month, leaving the Reserve Bank a major outlier in easing monetary policy.
What next: The next key piece of data is the quarterly inflation report due on October 30.
