Interest rates expected to be cut further by RBA after surprise employment drop


Markets had been expecting a lift in the jobless rate but had predicted total employment to lift rather than drop.

The jobless rate in NSW lifted by 0.3 percentage points to 4.8 per cent and also increased in Victoria to the same level. In the Northern Territory it increased to 5.9 per cent.

It was steady in Queensland at 6.5 per cent, Western Australia at 5.7 per cent, and the ACT at 3.3 per cent, and fell in Tasmania to 5.9 per cent and South Australia to 6.2 per cent.

The figures follow the latest SEEK employment report which pointed towards further softness in the key NSW and Victorian job markets.

Advertisements in NSW through October were 14.5 per cent lower than for the same time last year. It is the third consecutive month that job ad numbers in the state have deteriorated.

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In Victoria, ads were 6.5 per cent lower than a year ago. They were also down in Queensland (5.5 per cent), Tasmania (0.9 per cent) and the Northern Territory (11.2 per cent).

There was more positive news out of South Australia where ads were up by 2.2 per cent while they were also up in WA (0.1 per cent) and the ACT (5.7 per cent).

Advertisements for design and architecture related jobs were 24.8 per cent lower than a year ago while other large falls were recorded for advertising and media (down 21.6 per cent), engineering (down 18.4 per cent) and retail (down 16.9 per cent).

The strongest sectors remain community development (up 16.7 per cent) and healthcare (5.6 per cent).

The Reserve Bank has argued its recent interest rate cuts are needed to get the national jobless rate down to at least 4.5 per cent. Since then, the jobless rate has started to climb.

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