April unemployment climbed to 4.5%, above the 4.3% consensus, signaling potential labor market cooling.
Australia’s unemployment rate increased to 4.5% in April from 3.9% in March, surpassing market expectations of 4.3%. The rise marks the highest jobless rate since January 2022, reflecting a softening labor market.
Analysts had anticipated a smaller uptick, with prior months showing relative stability. The March figure was revised to 3.9% from an initial 3.8%. Year-over-year, unemployment remains below the 2023 average of 4.7%.
The data may influence Reserve Bank of Australia policy expectations, with markets assessing potential rate cuts later this year.