Investing.com-- Australia’s job market grew at a slower-than-expected pace in October, as outsized growth in the labor market now appeared to be cooling after six months of strong expansion.
The total number of employed people grew by 15,900 in October, data from the Australian Bureau of Statistics showed on Thursday. The reading was weaker than expectations of 25,200 people, and slowed sharply from the 64,100 seen in the prior month.
This brought Australia’s participation rate- which gauges the percentage of the population that is in the labor space- down slightly to 67.1% in October, compared to expectations it would remain steady at 67.2%. The unemployment rate was steady at 4.1%.
Thursday’s reading showed some cooling in Australia’s labor market, which had grown more than expected for the past six consecutive months.
A strong labor market has been one of the key considerations for the Reserve Bank of Australia in keeping interest rates steady, with any further cooling likely to spur rate cuts from the central bank.
Strength in the labor market has also kept inflation underpinned amid strong consumer demand.
Other data earlier this week also showed some cooling in the labor market, with growth in Australia’s wage price index cooling slightly more than expected in the third quarter.