Unemployment up, wages rise as job market gets more ‘spare capacity’

Unemployment remains subdued. (Image: Getty)

Wed, 01 Nov 2023

The official unemployment rate rose to 3.9% in the year to Sept 30, from 3.6% previously.The new figure released on Wednesday came as high interest rates put the squeeze on the economy.The employment rate fell to 69.1% from a high of 69.8% last quarter.But that rate is still high – the fifth highest rate since the household labour force survey began in 1986.“Increases in unemployment and under-utilisation over the year indicate increasing spare capacity in the labour market following competitive labour market conditions in 2021 and...

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