Australia's September jobs data were weak: unemployment rose to a post‑COVID
high of 4.7%. JPMorgan economist Tom Kennedy said unemployment has risen about
60% since the Reserve Bank of Australia began tightening — the largest
nine‑month increase in more than a decade excluding the COVID period — and that
the deterioration exceeded the RBA's August expectations. He added that a
continued rise in unemployment suggests policy will likely remain on hold for
some time.
