Aussie jobless rate jumps to four-year high

The jobless rate climbed to 4.5% in September from an upwardly revised 4.3%, data from the Australian Bureau of Statistics showed. — Bloomberg

SYDNEY: Australian unemployment has jumped more than expected, while the economy has added fewer jobs, signalling the labour market is loosening and adding to the case for the Reserve Bank of Australia (RBA) to resume lowering interest rates as soon as next month.

The jobless rate climbed to 4.5% in September from an upwardly revised 4.3%, data from the Australian Bureau of Statistics showed. Employment advanced 14,900 – compared with an expected 20,000 – while the participation rate climbed to 67%.