But there may be early signs of weakness in the jobs market, with the number of people in work also dropping.
The unemployment rate has fallen to a fresh 48-year low of 3.4 per cent but there may be early signs of weakness in the jobs market.
The overall jobless rate was lower largely because the participation rate – which tracks the number of people in work or looking for it – was down by 0.3 percentage points.The ABS’ head of labour statistics, Bjorn Jarvis, said the 41,000 drop in employment was the first fall since October 2021. The jobless rate was steady in NSW at 3.3 per cent but, like Victoria, there was a fall in the total number of people in work.
This was up on the 1.4 per cent rise in the year to May last year but down on the 2.1 per cent step-up in the year to the end of November. It is also well short of the 2.6 per cent annual increase in theFor men, the average weekly full-time wage increased by 2 per cent to $1873 while for women it was up 2.1 per cent to $1609.
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