RBA reports unemployment rising to 4.2% in July due to high interest rates slowing demand.
The Reserve Bank of Australia (RBA) reports a gradual easing in the country's tight labor market, with unemployment rising to 4.2% in July as high interest rates slow demand. Assistant Governor Sarah Hunter indicated that while the market remains tighter than full employment levels, firms are expected to reduce hours and hiring. Wage growth may have peaked, and structural shifts in employment are noted, particularly in health and education sectors.
September 10, 2024
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