The latest information shows that in April more people in Australia found jobs than experts predicted. But at the same time the number of people without jobs went up to the highest level in three months. This means more people are looking for work than there are jobs available.
The Reserve Bank of Australia (RBA) was thinking about raising interest rates but now they are less likely to do so. This change happened because of the rise in unemployment.
Now there is a higher chance that interest rates might be lowered instead possibly by December. This news made investors happy especially because of some positive signs in the United States.
In April about 38500 new jobs were added which is more than expected. However, all of these new jobs were part-time and there were fewer full-time jobs compared to before.
The unemployment rate, which tells us how many people are looking for work but can’t find any, went up more than experts thought. This means more people are struggling to find jobs than we expected.
The head of labour statistics in Australia says that more people are looking for work than before and some have jobs lined up but have not started yet. This means we might see more people getting jobs in May.
But even with more people finding work the overall percentage of people with jobs has not changed much. This suggests that job growth is not keeping up with how fast the population is growing.
The Reserve Bank of Australia does not want to raise interest rates too soon because they predict that more people will struggle to find jobs later this year. This could cause problems for people who need to borrow money.
Despite prices going up faster than expected at the start of the year there are signs that things might be getting better. Consumer demand is low and wages are not increasing as quickly as before.
The government in Australia is trying to help by giving energy and rent rebates to people. They hope this will help lower prices for consumers over the next year.
