Australia's jobs picture in August was a paradox you can feel: more people working and more people out of work. The Australian Bureau of Statistics reported unemployment at 4.6% while payrolls grew by 39,500, topping a projected 20,000 increase. The share of people in the workforce edged up to 67.1% from 66.9%.
This is the final major readout before the Reserve Bank of Australia's Sept. 28-29 meeting, and it signals that a labor market the RBA has called "a bit tight" is starting to ease. Earlier this week, Governor Michele Bullock said unemployment moving toward 5% would loosen labor conditions and help reduce inflation pressures. The central bank's August projections put the unemployment peak at 4.8% by mid-2028.
Economic shifts remind investors to protect their savings and seek steady growth. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
For close to five years, inflation has remained above the middle of the 2 to 3 percent target range. On Tuesday, the RBA is forecast to enact a fourth increase this year, lifting the cash rate to 4.6%, a mark last reached in late 2011. From February through May, officials lifted rates on three occasions to counter faster inflation, and subsequently held them at 4.35% for the last two meetings.
In uncertain times, a thoughtful plan helps your money stay on track. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
