**As seen in Risk In The Week report 10/14/22, subscribe at cablefxm.co.uk/reports
Australia net employment change rebounded in August, the headline came in at 33.5K, up from the prior -40.9K. However, the figure was slightly below estimates of 35.0K. The participation rate ticked higher to 66.6% from 66.4%, while the unemployment rate also came higher than prior at 3.5% and above the consensus of 3.4%. This was the first time the jobless rate climbed in 10 months. The latest survey compiled by Bloomberg sees the unemployment rate rising to 4.0% by end of 2023, also projections for growth point to below 2.0% output. More recently, ANZ noted that Australia jobs advertisements fell by 0.5% M/m in September. Economists at Westpac point to various factors of why the figure might not show all that strength in the labour market. They say that job ads have started to soften, jobless expectations increased by 11% in October, and payrolls post to a very mild bounce in the month. The forecasts range goes from 13.5K to 45K. For the unemployment rate, Westpac sees the figure printing below consensus at 3.4%.
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