Australian December unemployment rate 3.5% vs. expected at 3.4% and prior also 3.4%

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Australian December unemployment rate 3.5% vs. expected at 3.4% and prior also 3.4%

<p>Australian jobs report for December 2022</p><ul><li>part-time employment -32.2K</li><li>underemployment rate 6.1% from prior 5.8%</li><li>underutilisation rate 9.6% from 9.3%</li><li>monthly hours worked decreased by 0.5% (the number of people working reduced hours due to illness increased by 86,000 to 606,000)</li></ul><p>The labour market has been on a rip, but a net jobs loss in this December report.</p><p>JObs and jobless graphs:</p><p>Some slowing is no surprise given the series of Reserve Bank of Australia rate hikes. One of the intended aims of these hikes, harsh as it sounds, is a slowing of demand. this involves job losses and the tick higher in the jobless rate shows this. The November jobless rate was revised higher to 3.5% also. '</p><p>Inflation in Australia is still way, way above the RBA target band and I expect the Bank will hike its cash rate target again in February (the 7th is the meeting date) by 25bp. </p>

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: Australian December unemployment rate 3.5% vs. expected at 3.4% and prior also 3.4%

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