SYDNEY (Reuters) -Australia’s unemployment rate spiked unexpectedly to a near four-year high in September as more people went looking for work, while employment bounced only modestly, a weak reading that adds to the case for further cuts in interest rates.
Figures from the Australian Bureau of Statistics out on Thursday showed net employment rose 14,900 in September from August, when it fell a revised 11,800. That was under market forecasts of a 20,000 gain, while full-time jobs edged up 8,700 after a steep drop the previous month.
The jobless rate jumped to 4.5%, the highest since November 2021, against forecasts of a rise to 4.3%, while the participation rate ticked up to 67.0%. Hours worked rose 0.5%, reversing a drop in August.
(Reporting by Wayne Cole; Editing by Kim Coghill)
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