Jameson Coombs, an economist at St George Bank, said the jobs market had marked “a significant turning point” as the ability of firms to soak up overseas arrival appears to be waning.
“This may reflect more people taking their leave earlier or later than usual, or that some people were unable to, given the high number of vacancies that we’re still seeing employers reporting.” We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. Hours worked was one statistic that rose, increasing 2.6% in April because fewer people than usual worked reduced hours over the Easter period, Jarvis said. “Even with these falls, both indicators were still well above pre-Covid-19 pandemic levels and close to their historical highs in 2022,” Jarvis said. The employment-to-population ratio fell 0.2 percentage points to 64.2% and the participation rate shrank 0.1 percentage points to 66.7%. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundupījorn Jarvis, the ABS’s head of labour statistics, said the small fall in overall jobs for April compares with an average monthly increase of about 39,000 people during the first quarter of this year.
“The jobs data, together with yesterday’s wage data, suggest that the peak in the tightening cycle is near.” KPMG economist Michael Malakellis said the rise in unemployment is “not welcome” but it does give the RBA some evidence that inflationary pressures are easing. The shifts were pared back in afternoon trading. The Australian dollar dropped about a quarter of a US cent immediately to about US66.36c, and the ASX extended its gains for the day another 0.2% or so. The markets viewed the labour data as relatively weak. The timing of the first rate cut, meanwhile, has drifted back to next April. There's a bit over a 1:3 chance of a rise in August. Ahead of today's April jobs data from the ABS, investors saw no chance of a June rate rise by the RBA.
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