New data released last week showed WA’s labour force continues to be the envy of the nation, as it recorded the lowest unemployment rate of all states.
WA’s unemployment rate dropped to 3.6% in September, down from 3.9% in August and now half a percentage point lower than the national rate of 4.1%
This result was driven by an increase in the number of part time workers, which increased by 6,500 over the month, while at the same time the number of unemployed people fell 4,500. Encouragingly, the underemployment rate also fell over the month, indicating a greater proportion of people were working the number of hours that they wanted.
Gross domestic product (GDP) data from China was also released last week, revealing the Chinese economy expanded 4.6% year-on-year in the September quarter. This was a tick higher than forecast, but down from the 4.7% recorded in June. This is now the slowest annual growth rate recorded since March 2023, as persistent weakness in the property market, shaky domestic demand, deflation risks and trade tensions all continue to weigh on activity.
These latest figures come after the recent announcement of new stimulus measures designed to help boost consumer spending and stabilise the protracted downturn in the property market. These are welcome announcements although more may be needed in the coming months, as the pace of growth needs to rise further to achieve the country’s goal of ‘around 5%’ growth for 2024.
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