Unemployment rate remained steady at 3.4% in August but job creation slowed
The labour market remained stable in August, with the unemployment rate holding steady at 3.4% (Jul: 3.4%) for the third straight month
- Unemployed persons (-3.8% MoM; Jul: -0.4%): extending its decline for 25 consecutive months.
- The number of unemployed persons fell to 557.3k (Jul: 579.2k), the lowest since February 2020 (525.2k), indicating that the labour market condition has gradually returned to the prepandemic level. Additionally, the actively unemployed fell to 462.1k (Jul: 464.7k), the lowest since April 2020 (459.8k).
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