Australia employment unexpectedly falls in September, jobless rate holds at 4.7%

Key facts

• Employment fell by 39,300 in September.
• The unemployment rate remained at 4.7%.
• Full-time positions increased by 34,400.
• Part-time employment fell by 73,700.
• The participation rate dipped to 66.8%.
• Underemployment edged up to 6.3%.

Australian employment unexpectedly fell by 39,300 in September, according to data from the Australian Bureau of Statistics. The unemployment rate held steady at 4.7%, a five-year high, contrary to analysts' forecasts of a 20,000 job increase. While full-time positions climbed by 34,400, part-time employment saw a significant drop of 73,700. The participation rate dipped to 66.8%, hours worked rose 0.1%, and the underemployment rate edged up to 6.3%. This softer-than-expected labor market data led investors to pare back wagers on another interest rate hike by the Reserve Bank of Australia.