Unemployment rate ‘better than expected’ despite rising to 4.6 per cent

Australia’s unemployment rate is “better than expected” despite taking a hit, rising by 0.1 percentage points to 4.6 per cent.

Data from the Australian Bureau of Statistics show approximately 138,000 thousand jobs were lost during the September reference period with participation also dipping by 0.7 per cent to sit at 64.5 per cent.

“They were a bit better than expected, the forecasted unemployment rate was 4.8 per cent, it’s come in at 4.6 per cent,” Sky News Business Editor Ross Greenwood said.

“But again, it very much depends on the state story and the lockdown story that’s taken place during the course of this month.

“As you go through these numbers, you start to see, again, when people have dropped out of the workforce, the participation rate has a significant impact on what this final number has been.

“Though an unemployment rate with a four in front of it is obviously, very, very health, the truth of the matter is across the states and across the nation, it’s different depending on where you are.”