A sharp rise in the number of unemployed Gen Zers show the jobs market is softening, presenting a challenge for the RBA as it assesses the need for another interest rate rise.
A sharp jump in unemployed Gen Zers is a canary-in-the-coal mine warning that the jobs market has soured, presenting Reserve Bank of Australia governor Michele Bullock a challenge in assessing the need for another interest rate rise.
Economist Justin Fabo said rising youth joblessness was the “canary in the coal mine” when it came to the jobs market. There were multiple instances over previous decades when higher unemployment among young people preceded a broader downturn, he said. Mr Fabo said the increase in youth unemployment appeared cyclical, with young people bearing the brunt of a slowdown in hospitality industry demand.
“Youth unemployment remains low but has risen in recent months as many young people compete for similar jobs as most temporary visa holders,” Mr Nugent said.The RBA also on Tuesday pointed to increasing underemployment as evidence the labour market was buckling under the pressure of high rates. Underemployment was 6.4 per cent in September, up from the low of 5.8 per cent reached in February 2023.
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