"The trend unemployment rate of 5.2 % is the lowest it has been since mid-2012".
The September unemployment rate decreased slightly from the August 2018 unemployment rate of 4.5 percent, making it the lowest rate recorded based on the Bureau of Labor Statistics data series dating back to 1976.
The seasonally adjusted number of persons employed increased by around 5,600 persons in September 2018.
The Seattle Times reports the rate has been at or below 5 percent for 23 consecutive months, hitting 4.5 percent in August and dropping to 4.4 in September.
Around 26,000 new jobs were created in trend terms, the participation rate remained steady at a very high 65.6%. "The unemployment rate may be well below their official forecasts but broader measures of unemployment remain elevated".
Economist from global jobs site Indeed, Callam Pickering, said 5 per cent may be as good as it gets, as the result was largely driven by a large fall in the participation rate.
The private sector grew by 3.5 percent, up an estimated 97,100 jobs, while public sector employment increased by 0.5 percent with a net gain of 2,600 jobs.
The state of Victoria led gains with 20,000 jobs, while New South Wales, the most populous state, added 2,800 and its jobless rate fell to just 4.4 percent.
Importantly for the prospects of wage growth, the long-running slackness in the labour market appears to be tightening.
"All this means the RBA looks set to leave interest rates on hold till at least 2020", Dr. Oliver said. Whilst we expect wage pressures to pick up gradually, the Australian consumer continues to face considerable headwinds due to the ongoing housing market correction and a savings rate that is already extremely low.