Economy sheds 46,300 jobs despite ending lockdowns

The Australian economy shed 46,300 jobs in October, going against market expectations of a 50,000 increase as the country’s two largest cities leave behind pandemic lockdowns.

While the market anticipated 50,000 new jobs, NAB forecast a bumper 80,000 additional jobs for the month.

The fall in jobs pushed the unemployment rate to 5.2 per cent while the participation rate increased to 64.7 per cent on a seasonally adjusted basis.

The fall followed a decline of 138,000 jobs in September, when Sydney and Melbourne were in the grip of pandemic lockdowns.

Prior to the announcement, ANZ warned about a potential drop in jobs given the survey reference period was earlier than usual.

“With the market once again focussed on the timing of central bank moves, Australian data around inflation and employment are taking on increased importance,” ANZ economists said prior to the data’s release. “We expect employment to have turned around in October.”

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.