The unemployment rate rose by 0.1 percentage points to 3.7 per cent in April, softening the case for another interest rate rise from the Reserve Bank next month.
The Australian Bureau of Statistics’ unemployment figures are higher than the RBA’s forecasts of unemployment lifting to 3.6 per cent by June this year.But the monthly hours worked rose by 2.6 per cent, despite the reporting period occurring over the Easter holidays.
“The ongoing strength in hours worked over the past six months shows the demand for labour, to some extent, is being met by people working more hours.” The number of people either in jobs or looking for work eased slightly in April, from 66.8 per cent in March to 66.7 per cent in April, according to the Australian Bureau of Statistics figures, while the employment-to-population ratio also fell 0.2 percentage points to 64.2 per cent.
In meetings from the RBA board’s May meeting, members noted while wage growth has picked up it would remain consistent with the target of getting inflation back down to the target 2-3 per cent range by June 2025. But that hinged on productivity also rising, the board said.The Fair Work Commission is currently considering the annual wage review, which will lift the minimum wage for about 200,000 workers and have flow-on effects for up to 2.7 million on industry awards.
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