April unemployment climbed to 4.5%, above the 4.3% consensus, signaling a softer labor market.
Australia’s unemployment rate increased to 4.5% in April from 3.9% in March, missing economists’ expectations of 4.3%. The rise marks the highest level since January 2022, reflecting a cooling labor market.
Analysts had anticipated a modest uptick from March’s 3.9%, but the sharper increase suggests weakening employment conditions. The data follows recent softness in wage growth and retail sales, adding pressure on policymakers.
Markets are assessing the implications for interest rates, with traders paring bets on further tightening by the Reserve Bank of Australia.