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Analysis
What’s different about this labour market cycle?

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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Matthew Allman




