00:00While some businesses are hiring new staff, there are no vacancies here.
00:07We had three casuals with us when we went into Christmas last year and we had to let
00:11all of them go in the new year because we just couldn't afford it.
00:15So there's two of us that own the shop and we're pretty much doing all of the hours.
00:18The unemployment rate unexpectedly fell in November to 3.9 per cent.
00:24It was partly due to people leaving the workforce, which pushed the participation rate down by
00:30and the creation of nearly 36,000 jobs.
00:34This is a remarkable achievement when you consider some of the global economic forces
00:39that we've had to deal with here in Australia and in the context of a slowing economy with
00:44a labour market that was expected to soften.
00:47Economists say a lot of the jobs growth is in the public sector.
00:50The RBA lifted interest rates in order to slow the economy down and get inflation to
00:54fall and so you've seen that reflected in weaker private sector hiring.
00:58The Reserve Bank had forecast the unemployment rate would rise to more than 4 per cent by
01:04the end of the year.
01:06The unexpected fall in the jobless rate may not be good news for borrowers holding out
01:11for a February rate cut.
01:14The RBA is unlikely to be able to cut interest rates until we think the middle of next year.
01:19We don't think they're likely to be cutting in February and today's numbers certainly
01:22bolster that case.
01:24High interest rates mean Rachel Damora's customers have less to spend.
01:29I want 2024 to be over because I think 2025 is going to be a new start and I'm fingers
01:34across it's going to get better.
01:35Christmas, a time of hope.
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