Jobs Market at ‘Turning Point’ as Rate Rises Cut Deep

People eat lunch on a park bench while surrounded by ibises as a view of the Sydney Opera House is seen in Sydney, Australia, on Oct. 10, 2021. STEVEN SAPHORE/AFP via Getty Images

The jobs market appears to be starting to cool as a swathe of interest rate rises pumps the brakes on the economy.

The Reserve Bank of Australia (RBA) said in its latest board meeting minutes while the official jobless rate remained around 3.5 percent, there were some signs “the labour market was at a turning point.”