Australia's jobless rate crept higher in September, defying market expectations for an unchanged reading, as the economy shed nearly 40,000 jobs amid cost pressures for businesses. The seasonally adjusted unemployment rate rose by 10 basis points from the previous month to 4.7% in September, hitting the highest level in five years, data from the Australian Bureau of Statistics showed Thursday. The consensus forecast compiled by Trading Economics was for a 4.6% jobless rate. The result came as the number of employed Australians fell by 39,300 month over month to about 14.8 million, while the ranks of the unemployed grew by 8,900 to 732,000 people.
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