Jobless rate steady, but employment falls

This number marks an increase from years past, with a seasonally adjusted unemployment rate of 7.6 per cent in September 2014 and 6.2 per cent in September 2013.

Victoria’s unemployment edged higher to 6.2 per cent in September, which is surprising given indicators like job ads suggest its job market would be better, he said.

The Australian dollar slipped on the announcement, buying 73.1 U.S. cents.

“It’s moving in the right direction”, JP Morgan economist Tom Kennedy told AFP, adding that the latest unemployment figures reinforced positive readings from forward-looking labour force surveys.

“Mining is not directly a big employer, while a few displaced workers from mining investment projects are finding jobs in other forms of construction”, Mr. Jarman said.

The participation rate was 64.9 percent, shy of estimates for 65.0 percent – which would have been unchanged.

ANZ economists also expect the unemployment rate to remain around 6.25 per cent for an extended period, though they said the rate of jobs growth may slow due to soft economic conditions.

“The 5,100 decline in employment in Australia in September will spur speculation that the RBA may yet cut rates below 2 per cent”, said Capital Economics’ chief economist for Australia Paul Dales.

The unemployment rate in Australia has now been above 6 per cent – and peaking at 6.3 per cent – since June a year ago, a trend watched closely by the Reserve Bank of Australia as the country makes the transition away from mining-related investment and employment.

Economists say the disconnect between weak GDP growth and solid hiring can be partly explained by a shift in the types of industries driving the economy.