Australia's Employment Growth Slows: Key Insights from October 2024

In October 2024, Australia saw a small increase in jobs, adding 15,900 new positions. This brought the total number of people working to about 14.54 million. However, this growth is much slower than in previous months; for example, September gained 61,300 jobs, and August added 45,800 jobs.

The unemployment rate in Australia stayed at 4.1%, the same as in earlier months. However, the participation rate, which measures how many people are either working or looking for work, went down slightly from 67.2% to 67.1%. This suggests that while some more people found jobs, the number of people entering the job market didn't keep up.

Economists have noticed this slowing job growth and are concerned. The Reserve Bank of Australia (RBA) predicts that the unemployment rate might rise to 4.3% by the end of the year due to this trend. Additionally, there was a drop in wage growth, which fell to an annual rate of 3.5% in the September quarter, down from 4.1% earlier in the year.

Overall, while there are more people employed, the rate of job growth is slowing, indicating potential difficulties ahead for Australia’s job market as it adapts to changes in the economy.

Major levels to watch

Resistance- 0.6525

Support-0.64630