Surprise fall in jobless rate

8 Oct 2009, 11:51 am   -   Source: AAP
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The jobless rate has fallen unexpectedly. (SBS)

The jobless rate has fallen unexpectedly. (SBS)

There's been a surprise fall in the unemployment rate, as 40,000 extra jobs were added in September.

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The jobless rate surprisingly fell to 5.7 per cent in September - from 5.8 per cent - as the number of people employed rose by 40,600, the Australian Bureau of Statistics said.

Economists' forecasts had centred on a 10,000 decline in employment with the unemployment rate rising to 6.0 per cent.

This key economic report comes in a week when the Reserve Bank of Australia (RBA) raised the official cash rate to 3.25 per cent - from a 49-year low of 3.0 per cent - the first increase in 19 months.

RBA governor Glenn Stevens said the basis for having the cash rate at an "emergency" level had now passed.

 

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