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Analysis

What’s different about this labour market cycle?

🕓 4 min read
4 Dec 2025
A woman covering her face while looking at a laptop
Conditions in the labour market have deteriorated over the past 18-24 months, as the unemployment rate has risen from 4.0% in December 2023 to 5.1% just a year later. The unemployment rate has continued to rise in 2025, reaching 5.3% in the September quarter, up from 5.2% in June.

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