Unemployment rate hits a near four year high | The Business | ABC NEWS

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A surprise tick up in the unemployment rate is raising questions if the labour market is beginning to show weakness.
Australia's unemployment rate jumped to 4.3 per cent, the highest it's been since November 2021.
A rise of just 2,000 new jobs was offset with a jump in unemployment, with an additional 33,600 people looking for work.
Part-time employment grew by 40,000 people, but was cancelled out by a drop in the number of people working full time.
Josh Mann was made redundant from a business banking role at CBA in late 2023. He says even on the hunt for casual work, it's a tougher market to land jobs. He's now training to be a librarian.
The more competitive jobs market is happening during a period of greater outsourcing, especially in the finance sector.
The Finance Sector Union has singled out the Commonwealth Bank arguing that, out of about 400 local roles made redundant by CBA over the past year, more than a hundred were essentially the same or similar to roles filled later by CBA in India.
It has lodged a claim with the Fair Work Commission claiming this breaches the enterprise agreement, which CBA is strongly disputing.
FSU National Secretary Julia Angrisano says from what they've seen, the work that's been moved off shore is in technology, right through to roles in processing areas, loan documentation and mortgages.
Financial market expectations for an August rate cut have lifted, along with the hopes of a growing number of people who are looking for work.
Some economists are forecasting at least four more rate cuts from the RBA later this year and early next.
Nassim khadem reports.

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