Australia’s unemployment rate rose 0.1% in January to 4.1%, the first time it has been above 4% since January 2022.
South Australia’s unemployment rate rose by 0.1% as well and is now 4% — as well as underemployment rising 0.1% to 7.7%.
The number of people employed Australia wide remained stable, while the number of unemployed people rose by 22,000, according to Australian Bureau of Statistics.
The last three January’s have reported a high number of people not currently working but are scheduled to start or return to work in the near future, after the summer holiday period.
The unemployment rate is expected to rise gradually throughout 2024 as the economy slows following 13 interest rate increases and the cash rate climbing to a 12-year high.
