Labour market eases as interest rates bite
Jobs growth has eased off and the unemployment rate has edged higher as the impact of rising interest rates starts to knock the froth off the economy.
The RBA’s ten successive official interest rate rises are having the intended impact – dampening consumer spending, business activity, and as expected, reducing demand for labour.
Australia’s GDP growth was weaker than expected; 0.5% in the December quarter and 2.7% for the year – down from 5.7% annual growth in the previous quarter.
The Australian Bureau of Statistics reports that in January, the seasonally adjusted number of people employed fell 11,500 or 0.1% to 13.7 million people.
Total hours worked were also down 2.1% in the month, reflecting the slower pace of business activity.
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Programmed Quarterly Labour Market Insights Report Q1 2023
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