Category: 3. Business

Hear that? That’s the sound of the jobs market creaking, if not cracking.

Australia’s unemployment rate unexpectedly jumped to a four-year high of 4.5% in September, up from 4.3% the month before.

Jim Chalmers is in Washington DC attending a G20 summit, but still found time to put out a statement reminding us that the jobless measure is “still very low by historical standards”.

That’s a fair statement. Not counting the pandemic and its aftermath, you need to go back 17 years to find a lower jobless rate.

The jump in the share market after the data release pointed to firming bets that the Reserve Bank was now odds-on to deliver a rate cut at its Melbourne Cup day meeting.

But low unemployment is a prize we must not lose, and the latest figures from the Australian Bureau of Statistics will be a major worry for the treasurer – as it will be for all Australians.

The resilient labour market is the jewel in Labor’s crown when it comes to its economic record, even overshadowing the major decline in living standards that has been a feature of the post-pandemic landscape.

Chart showing jobless rate increasing

Unemployment at 4.5% is no disaster, but it is very much not part of the plan – and it raises the fear that it could go higher still.

The RBA had expected the jobless rate to peak at 4.3% this year and stay there through 2026, which aligns with the budget forecasts.

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Two-a-half weeks ago the central bank’s monetary policy board held the cash rate as board members fretted that inflation would come in hotter-than-expected in the three months to September.

They will surely be reconsidering their options today, and Thursday’s figures mean the RBA is now favourite to act when it next meets.

The chance of a November rate cut jumped from 36% to 64% after the jobs report, according to pricing in financial markets, while the chance of a cut by December jumped from 60% to a near certainty.

There were even murmurings in the market on Thursday afternoon of a double rate cut, which is surely premature.

Rising inflation and climbing unemployment would be a headache for the central bank. Much now hinges on the September quarter consumer price report on 29 October, but it would have to be pretty bad to stay the central bank’s hand.

The key question is: was September’s labour force data a monthly blip, or the start of something worse?

The answers lie in the cross currents that have been shifting below what has been, until now at least, a largely becalmed jobs market.

Pat Bustamante, an economist at Westpac, says rapid hiring in government-backed sectors such as aged care and the NDIS helped drive the post-Covid employment boom, despite underwhelming economic growth. That impulse has since faded, and the dynamic has reversed: employment growth has slowed even as the economy has picked up.

Which means much depends on whether the private sector, which tends not to be as labour-intensive, can maintain enough hiring momentum to keep unemployment low – something RBA board members also discussed at their recent meeting.

If it can’t, then Bustamante calculates that the unemployment rate could reach as high as 4.8% early next year, which is perilously close to losing all the post-pandemic labour market gains.

That’s not something the central bank, or the government, would want to risk.

Paris, October 15th, 2025 – Broadcom Inc. today announced that the Caisse Nationale des Allocations Familiales (CNAF), a cornerstone of France’s public service, has selected VMware Cloud Foundation (VCF) to accelerate its digital transformation. CNAF’s new private cloud built on VCF will enable the institution to combine enhanced security, data sovereignty, and operational agility—critical priorities as the modernization of public services becomes a national imperative.

A System Under Regulatory and Security Constraints

Each year, CNAF manages millions of transactions while adhering to strict regulatory requirements, which demand extremely tight production timelines. Simultaneously, its cybersecurity teams face near-daily attack attempts, necessitating maximum resilience and responsiveness.

By delivering a single unified platform, VCF offers a holistic view of private cloud operations, improving productivity and delivering faster insights to enable more rapid incident response and better performance optimization, which is essential for the smooth operation of Caisses d’Allocations Familiales (CAF) across France.

Security and Sovereignty at the Core of the Strategy

With VCF, CNAF benefits from critical features such as live patching, Zero Trust micro-segmentation, and automated workload monitoring. These capabilities strengthen the protection of beneficiaries’ data while reducing the time required to deploy new applications.

“Security and sovereignty of our data are non-negotiable. With VCF, we help ensure that sensitive information remains within our data centers while leveraging trusted European clouds,” emphasizes Nicolas Poulain, Director of Operations & Technical Engineering at CNAF.

This approach aligns with France’s national strategy to bolster the resilience of public infrastructure, a key priority as digital sovereignty becomes a strategic focus.

Empowering Public Sector Innovation

“CNAF’s transformation exemplifies VMware solutions’ mission: enabling the public sector to combine innovation, security, and performance to meet the growing expectations of citizens. With VMware Cloud Foundation, we help organizations take the next step by building a trusted cloud foundation capable of supporting both today’s services and tomorrow’s emerging needs,” explains Marc Dollois, General Manager, France, Broadcom Software.

Innovation Serving Millions of Beneficiaries

Beyond technical gains, the platform’s modernization has a clear goal: improving the experience for beneficiaries. CNAF is working to automate benefit allocation, ensuring that eligible individuals receive their entitlements directly, without complex administrative procedures. This simplification will help reduce fraud, increase fairness, and make it easier for those with legitimate rights to access their allocations.

“Our mission is to provide a reliable, stable, and high-performing IT system, because behind every online process and payment are millions of families who depend on us,” notes Nicolas Poulain.

Committing to a More Efficient and Accessible Future

By adopting VCF, CNAF is also positioning itself to explore new use cases—such as artificial intelligence through VMware Private AI, or modern application orchestration with vSphere Kubernetes Services (VKS), delivering greater agility, resilience, and compliance for cloud-native applications.

The objective: to pave the way for a more proactive and automated public service, capable of anticipating needs and delivering allocations transparently and swiftly. The combination of a modernized infrastructure, enhanced security, and integrated AI capabilities places CNAF at the forefront of digital transformation in France’s public sector.

The UK economy expanded by 0.1% in August, according to official figures, giving a lift to Rachel Reeves ahead of next month’s crucial budget.

After the economy flatlined in July, the Office for National Statistics said gross domestic product had improved the following month. It keeps the UK on track to being one of the fastest-growing major economies this year.

The chancellor is weighing up raising funds from a series of tax rises in her 26 November budget to close a £20bn to £30bn budget spending gap that has opened up this year.

A Reuters poll of City economists expected a return to modest growth based mainly on a recovery in the manufacturing sector.

Inflation is forecast to begin easing before the end of the year and the Bank of England is expected to make further interest rate cuts in 2026, easing the pressure on household incomes.

More details to follow …

MANILA, Philippines — MANILA, Philippines (AP) — Most Asian stock indexes rose on Thursday, tracking gains on Wall Street following a topsy-turvy trading day.

U.S. futures were nearly flat, while oil prices were higher.

Japan’s Nikkei 225 rose 0.8% to 48,069.71 as investor sentiment was lifted by a strong start to the earnings season and expectations of U.S. rate cuts.

Japan’s core machinery orders, excluding ships and electric power, fell 0.9% month-on-month in August, missing market expectations for a 0.4% gain but showing marked improvement from a 4.6% drop in July, according to data released Thursday.

South Korea’s Kospi surged to a record high, adding 1.8% to 3,722.67 on buying of tech and auto stocks that was spurred by expectations that the U.S. and Korea are getting closer to a deal on tariffs on Korean exports. Samsung Electronics and automakers Hyundai Motor and Kia Corp. were among gainers.

In Chinese markets, Hong Kong’s Hang Seng index shed 0.4% to 25,799.27, while the Shanghai Composite index rose 0.1% to 3,916.10.

Australia’s S&P/ASX 200 climbed 8% to 9,063.70, breaching the 9,000 level for the first time amid gains in gold stocks. Miners in resource-rich Australia are benefitting from a runup in gold prices. Early Thursday, the precious metal was up 1.2% at 4,252.30 per ounce.

Also, the jobless rate rose to 4.5% in September, the highest in four years, stepping up expectations that the country’s Reserve Bank may resume rate cuts as early as next month.

India’s BSE Sensex added 0.5% while Taiwan’s Taiex advanced 1.5%.

On Wednesday, most U.S. stocks rose. The S&P 500 added 0.4% to 6,671.06, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back.

The Nasdaq composite climbed 0.7%, closing at 22,670.08 after earlier pinballing between a drop of 0.4% and a rally of 1.4%. The Dow Jones Industrial Average lagged the market, shedding less than 0.1% to 46,253.31.

Technology stocks helped lead the way Wednesday following a better-than-expected profit report from Netherlands-based ASML, a major equipment supplier to the semiconductor industry. It expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s. Several big banks also drove the market higher.

Companies are under pressure to deliver strong profits after their stock prices broadly surged 35% from a low in April. To justify those gains, which critics say made their stock prices too expensive, companies will need to show they’re making much more in profit and will continue to do so.

Profit reports are under more scrutiny than usual as investors seek insights into the health of the U.S. economy. The U.S. government’s latest shutdown is delaying important updates on the economy, such as a report on inflation that was due Wednesday.

In other dealings early Thursday, U.S. benchmark crude oil gained 58 cents to $58.85 per barrel. Brent crude, the international standard, rose 55 cents to $62.46 per barrel.

The dollar rose to 151.07 Japanese yen from 151.06 yen. The euro climbed to $1.1658 from $1.1648.

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AP Business Writers Stan Choe and Matt Ott contributed.

Workers at an under-threat oil refinery have accused ministers of “sitting on their hands”.

At a rally on Wednesday, members of the Unite union called for urgent action to secure the future of Lindsey Oil Refinery, which was taken over by the Official Receiver in June when Prax Group went into administration.

About 255 employees remain at the site in North Lincolnshire after 125 were told they would be made redundant this month. A jobs fair will be held in Immingham later to support them.

Speaking in the Commons, Energy Minister Michael Shanks said the government wanted to “support as much investment in that site as possible”.

Dave Smith, a Prax worker and union representative, said: “We’ve been asking the government for help and support – we know the country needs the fuel security, and yet they seem to be sitting on their hands.

“Everyone has been left scratching their heads wondering why we are in this position.”

Sub-contractor Anne Holmes, 63, said the site supported about 1,000 people, including those in the supply chain, and its closure would “a huge knock-on effect”.

“It’s not just the Prax employees, it’s the rest of us who work here as well,” she said.

“I’m an older person and I’m not going to get another job – this is it for me.”

Last week, an investment group expressed interest in joining forces with the government to buy the refinery.

In a debate in the House of Commons on Tuesday, Conservative MP Martin Vickers, who represents Brigg and Immingham, said the government “should be taking a more proactive role in determining the future of the refinery”.

He said “at least two investors” were “looking to take over the whole site” and asked whether the government would back this.

In response, Shanks said the Official Receiver was “considering a number of bids to make sure they are viable” and he would be happy to have conversations with Vickers on the subject.

Speaking at the rally, Sharon Graham, general secretary of the Unite union, said workers had been badly let down and urged the government to invest in green fuel production at the site.

“Ed Miliband again is missing in action, and we have a Labour government, and I’m sorry to say it, with absolutely no plans for the oil and gas industry,” she added.

The Insolvency Service said there were “ongoing discussions with a number of parties to progress bids with the objective of achieving a sale of the business”.

A jobs fair hosted by Grimsby Jobcentre was held at Immingham Civic Centre.

Representatives from British Steel, Myenergi, Humberside Engineering Training Association, Navigo and Associated British Ports attended the event, according to the Local Democracy Reporting Service.

Nick Gregory, the a manager at the job centre, said: “This is a very difficult time for those supply chain employees and their families and our hearts go out to them.”

The government has also offered a training guarantee designed to help workers find new employment.

Additional reporting by Ivan Morris-Poxton, Local Democracy Reporting Service.

BBC

George Brown

A GP practice deemed “unsafe” and “no longer fit for purpose” has been permanently closed down by NHS bosses.

Services were terminated at Crosby Village Surgery by the NHS Cheshire and Merseyside Integrated Care Board (ICB) after a period of temporary closure and following several reviews.

Councillors at Bootle Town Hall were told the providers running the surgery, Crosby Village Surgery Ltd, had proposed to close it due to the building’s condition.

Patients will continue to be seen at two other surgeries, Crossways Practice and Thornton Practice.

Tracy Jeffes, interim place director at the ICB, told councillors the decision to close the surgery was “reasonable” due to the state of the building.

Councillor David Roscoe suggested the decision was removing a facility from a “densely populated area” and questioned whether the right infractructure was in place to meet demand.

He asked: “Is there any updates about getting some sort of health facility in that area, particularly located around Crosby village?”

Ms Jeffes responded: “At present, there isn’t a particular scheme [planned] in Crosby. As we discussed previously, there has been a limited amount of investment or capital investment available.

“I have to be honest, that has been a challenge – to improve the quality of the estate – but we’ve been trying our best to to bring investment in, to bring capital in where we can, and we’ll continue to refresh our estate plans.”

The rate of unemployment in Australia is on the rise again. Official labour force data released on Thursday shows that in the month to September, Australia’s seasonally adjusted unemployment rate jumped from 4.3% to 4.5%.

That’s the highest rate since November 2021. The surprise jump strengthens the case for the Reserve Bank of Australia to cut the official cash rate in November.

Back in November last year, the seasonally adjusted rate of unemployment was 3.9%. It has now been above 4% for ten consecutive months, and has only been going in one direction: up.

What could this mean for interest rates?

In its recent decisions, the Reserve Bank’s monetary policy board has jumped at any signs of higher price inflation. But it has retained a favourable outlook on labour market conditions.

In its most recent September decision, the board stated:

labour market conditions have been broadly steady in recent months and remain a little tight.

Such an outlook does not seem an option in light of today’s unemployment numbers.

The Reserve Bank has a full employment mandate to achieve “the maximum level of employment consistent with low and stable inflation”.

The mandate doesn’t put a specific numerical rate on this full employment goal. However, the rate of unemployment is now well above any credible estimate of full employment.

Employment growth is slowing

The reason why the rate of unemployment is rising is not hard to spot. Employment growth is slowing.

In 2024, my calculations based on the official labour force data show an average of 32,600 extra people became employed each month, compared with an extra 33,900 looking for work.

With growth in employment and the labour force relatively balanced, the rate of unemployment remained stable.

So far in 2025, each month only an average of 12,900 extra people have moved into employment.

The number of people looking for work has responded to the weaker labour market conditions, also growing less each month than in 2024, by 22,100 on average.

But unemployment is rising because the increase in the number of people looking for work in 2025 has been much bigger than the increase in employment.

A cooling jobs market

No matter which statistic you look at, my analysis of the official labour force data reveals the signs of a weakening labour market are clear to see.

Monthly hours worked grew on average by 0.27% each month in 2024, but only 0.04% so far in 2025.

In 2024, the total stock of jobs rose by 351,600. In the first six months of 2025, it grew by just 44,100.

And the proportion of people who have jobs, but want to work more hours, has increased from 9.9% to 10.4% since the end of 2024.

Government spending

The reason employment growth is slowing is not what might have been expected – but is even more worrying.

Since about mid-2021, employment growth in Australia has been propped up by a fast pace of job creation in what is known as the non-market sector, which consists of:

• health care and social assistance
• education and training
• public administration and safety.

That growth has come about as the federal government has pushed for improvements in the quality of government services, and expanded the National Disability Insurance Scheme (NDIS) and childcare services.

It has been expected for some time that eventually, the rate of increase in government spending on services would slow. That would in turn cause growth in non-market employment and total employment to slacken.

What’s really driving the trend?

However, that is not what has caused the slower employment growth in 2025.

In fact, today’s data release shows that growth in total hours worked in the non-market sector has continued at pretty much the same pace as in previous years.

Instead, the drop-off in total hours worked has been due to employment in the market sector declining.

Private employers are responding to what they see as weaker economic conditions, by reducing the rate at which they are adding new jobs.

This is a further undeniable sign of a weakening labour market.

Givaudan, the global leader in Fragrance & Beauty, is proud to announce the opening of its new White Biotechnology Innovation Centre (BIC) in Toulouse. This state-of-the-art site strengthens Givaudan capabilities, advancing research and development, and accelerating the creation of high-precision beauty ingredients. Positioned within Givaudan’s biotechnology R&D and innovation ecosystem, the site will work in synergy with the other centres in Orsay and in Pomacle.

Givaudan Active Beauty imagines, designs, and creates iconic molecules that consumers love – leveraging biotechnology to deliver exceptional results. The BIC in Toulouse will feature cutting-edge laboratories that consolidate Givaudan’s expertise in white biotechnology, including a dedicated fermentation lab and biocatalysis development area. New scientific concepts can be efficiently scaled up and transformed into next-generation ingredients. 

“Opening the White Biotechnology Innovation Centre in Toulouse is a milestone in Givaudan’s strategy to pioneer sustainable and scientifically supported cosmetic ingredients. This new centre reinforces Givaudan’s global footprint, enhancing collaboration across our different sites to co-create the future of beauty, in line with our 2030 strategy.”

Gilles Andrier, CEO of Givaudan

“This Innovation Centre is designed to foster teamwork and creativity between marketing and R&D. It will allow us to service our customers with original and award-winning innovative ingredient solutions.” 

Markus Rassmann, Head of Active Beauty

Built with sustainability and innovation at its core, this new site in Toulouse enhances Givaudan’s collaborative capabilities, advancing the future of beauty through nature and science.

 

 

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About Givaudan
Givaudan is a global leader in Fragrance & Beauty and Taste & Wellbeing. We celebrate the beauty of human experience by creating for happier, healthier lives with love for nature. Together with our customers we deliver food experiences, craft inspired fragrances and develop beauty and wellbeing solutions that make people look and feel good. In 2024, Givaudan employed over 16,900 people worldwide and achieved CHF 7.4 billion in sales with a free cash flow of 15.6%. With a heritage that stretches back over 250 years, we are committed to driving long-term, purpose-led growth by improving people’s health and happiness and increasing our positive impact on nature. This is Givaudan. Human by nature. Discover more at: www.givaudan.com.

About Givaudan Fragrance & Beauty
Givaudan Fragrance & Beauty crafts inspired fragrances to perfume lives and memories, and develops innovative beauty and wellbeing solutions that make people look and feel good all over the world. Nature is both our responsibility and our most precious muse. We are just as committed to sustainability as we are to creating innovative products that satisfy consumer needs and anticipate their desires. With a collaborative approach that favours co-creation, we have built a diverse portfolio across personal care, fabric care, hygiene, home care, fine fragrances, and beauty, reflecting our multidisciplinary expertise. This is Givaudan. Human by nature. Learn more at www.givaudan.com/fragrance-beauty.

About Givaudan Active Beauty
Givaudan Active Beauty crafts avant-garde cosmetic actives and high-end specialties that make people look and feel good. We bring nature’s most precious gifts to the art of personal care in the form of biotech & botanical high-performing molecules, delighting consumers. Our extensive portfolio of award-winning skin & hair ingredients spans a variety of benefits for human beauty: from well-ageing and self-tanners to radiance, microbiome-friendly, soothers, hydrators, and more. Backed by solid scientific recognition and consumers’ awareness, we remain at the cutting edge of this rapidly expanding market to deliver sustainable solutions supporting the growth of our customers. This is Givaudan. Human by nature. Learn more at www.givaudan.com/fragrance-beauty/active-beauty.

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For further information please contact
Claudia Pedretti, Head of Investor and Media Relations
T +41 52 354 0132
E claudia.pedretti@givaudan.com

Pauline Martin, Fragrance & Beauty Communications
E pauline.martin.pm1@givaudan.com