The unemployment rate is at its lowest since May but is still higher than the national rate which sits at 5.9 per cent.
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“Apparently an economy growing well below trend, with a post-China slump in mining and no sign of inflationary pressures, saw unemployment plunge 3 ticks to 5.9% and employment leap 58.6K in a single month – the equivalent of 783K jobs added on a USA payrolls survey!”
Wages increased by 2.5 per cent in year to September, to stand at an average £463 a week before tax, according to the Office for National Statistics.
The number of unemployed people fell by 103,000, the biggest fall since the three months to September of past year, the ONS data showed.
The number of people in employment rose by 177,000 over the quarter, taking the employment rate to 73.7 per cent – the highest since records began.
Australian Bureau of Statistics data shows ACT unemployment rose from 5 per cent to 5.1 per cent in October.
Economists had expected the jobless rate to remain unchanged at 6.2% in October.
“While a marked rise in employment and fall in the unemployment rate points to a further tightening of the labor market which is supportive to interest rates rising sooner or later, the marked slowdown in earnings growth in September itself argues against an early rate hike”.
He put the strong lift in employment down to improved confidence levels, low interest rates, government stimulus for small businesses and strong house construction.
“But we can not rest”.
The increase is a dip of 0.3 per cent from last month, though salaries lifted by 3 per cent if bonuses are also taken into account, or a typical £492 a week before tax.
But wage growth has not risen as strongly as the Bank projected and as a result sterling dropped 0.2 per cent against the dollar to $1.51.
“It is reasonable for the BoE to wait for global headwinds to settle before raising interest rates”.
‘Earnings continue to grow, albeit the rate for regular pay has fallen back a little from recent months’.
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When the Government said 10 years ago that South Australia had to transition its economy, no one expected that transition would be from full-time employment to part-time employment.
