What a surprise spike in the unemployment rate means for interest rates and the economy

Melbourne, Oct 16 (The Conversation) The rate of unemployment in Australia is on the rise again. Official labour force data released on Thursday shows that in the month to September, Australias seasonally adjusted unemployment rate jumped from 4.3% to 4.5%. Thats the highest rate since November 2021. The surprise jump strengthens the case for the Reserve Bank of Australia to cut the official cash rate in November. Jobless rate climbs to 3.9% in November (highest since April 2022) but main story is the surge in new hires. The economy added 63,500 jobs, most of the full-time, so the labour market