FIVE on FIVE AU: ASX ends day lower; employment is increasing and the unemployment rate is rising rapidly

The ASX 200 trimmed its weekly gains to 0.8% after today’s close of 0.77%, with the biggest losses felt in the energy and technology sectors. ASX Small Ordinaries lost more than 1.1%, while gold shares also underperformed during the session.

Energy stocks saw oil prices fall after a report highlighted growing U.S. crude supplies. Santos fell 2.4%, Woodside fell 0.9% and Beach fell 4.1%.

AMP was the worst performer on the ASX 200, losing 16.3% after the financial services company signaled it was launching a new digital bank and lowered its margin expectations. The financial services company says the new digital bank will target sole proprietors and very small businesses, but will cost $60 million in FY24 and FY25.

55,000 new jobs were added last month

Today’s employment data for October showed that 55,000 people found work during the month – twice as many as forecast. However, the unemployment rate increased slightly to 3.7%. The ABS said that while many people found work during the month, almost 28,000 were seeking unemployment benefits.

The October job gain followed a job gain of just 8,000 in September.

Today’s ABS employment data follows yesterday’s news that wage growth hit a 14-year high in September, sparking inflation fears that would put pressure on the RBA to raise interest rates again.

Australian wages rose 1.3% in the quarter ending September 30. The rise, the ABS said yesterday, marks the biggest quarterly increase since records began in 1997, taking annual wage growth to a 14-year high of 4%.

Markets currently forecast just an 8% chance the RBA will raise the interest rate to 4.6% next month, but see a 50% chance of another rise by June next year, with inflation expected to be more persistent than expected.

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Great Boulder says Side Well is an absolute champion

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