National

Jobs market keeps grinding away as data update looms

By AAP Newswire

Nov 14, 2024

All eyes will be on labour market figures as job creation keeps defying expectations.

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Employers have continued to add to headcount even as the economy slows, with a sizeable 64,100 jobs added in September by the Australian Bureau of Statistics' count.

Commonwealth Bank economists expect a more subdued 20,000 jobs to be added to the economy, ahead of October labour force numbers due on Thursday.

The unemployment rate is tipped to inch higher to 4.2 per cent, from 4.1 per cent.

Ongoing job creation and low unemployment have held as bright spots in an economy otherwise hurting.

But for those waiting for interest rate cuts, the strong labour market means the Reserve Bank of Australia is in no hurry and will watch for further progress on inflation.

Softer-than-expected wage growth logged on Wednesday may provide some comfort to a central bank looking for signs of a slowing labour market that's not putting upwards pressure on prices.

The annual pace of wage growth took a big step down to 3.5 per cent in September, from 4.1 per cent over the year to June.

By AAP Newswire

Australian Associated Press