Australia's unemployment rate fell to 5% in September, the lowest level since April 2012, against expectations of 5.3%, while new jobs are weaker than expected, and the drop in the number of people looking for work has helped to lower the unemployment rate.
The number of new jobs created by the economy rose to 5.6 thousand jobs below market expectations of 15,000 jobs, with full-time jobs increasing by 20.3 thousand jobs and losing 14.7 thousand in part-time jobs. Jobs rose in August by 44.6 thousand jobs.
Over the year, full-time jobs rose by 217.5 thousand jobs approximately 4 times the increase in part-time jobs, which rose by 63.4 thousand jobs.
With a large number of workers exiting the labor market, labor force participation rate, which measures the proportion of the working age population or actively seeking employment, fell to 65.4% from 65.7%, the lowest level since October 2017.
