Full-time jobs fall as interest rates start to bite

There is growing evidence the jobs market is starting to struggle under the weight of high interest rates despite new figures showing a small fall in unemployment.

Since June, total full-time employment has tumbled by 53,200 while part-time employment has jumped by 122,400. In Western Australia, unemployment fell half a percentage point to 3.3 per cent, but it was again driven by a collapse in participation, which slipped by 0.7 percentage points.The bureau’s head of labour statistics, Kate Lamb, said there had been a 20,000 drop in the number of unemployed people during the month.

“The fall in the unemployment rate in September mainly reflected a higher proportion of people moving from being unemployed to not in the labour force.”

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