Australia's Unemployment Rate Jumps to 4.3%

0:00It's March 19th in Sydney, let's get into the news. Australia's unemployment rate climbed to 4.3% in February, up from 4.1%, that marks a surprise jump, even as employment grew by nearly 49,000 people to 14,748,700, but the number of unemployed folks rose by 35,000, pushing the rate higher. The key driver was a bigger share of people jumping into the job hunt. The participation rate for those over 15 ticked up 0.2 points to 66.9%. Part-time jobs surged by 79,000, mostly among older workers, while full-time roles dropped by 30,000. This comes right after the reserve bank lifted interest rates to 4.1% for the second time this year, amidst sticky inflation. Global oil prices have spiked from the Middle East conflict, hitting Australian costs hard. In this see early signs of a cooling job market.

1:00Some now predict unemployment could peak near 4.6% by early 2027. Officials know fewer people shifted from waiting to start jobs into actual work compared to past fevers. Despite the uptick, many experts bet on another rate hike in May. Inflation hit 3.8% last January, and the treasurer warns it could near 5% soon. The bank aims to tame prices without sparking a recession or big job losses. Appreciation to our sponsor for backing this episode. Headphones in a pillow, simple idea, surprisingly addictive, S-O-L-I-SOLYPILLOW.COM