THE NEWS WRAP: Rise in unemployment expected by economists

Economists are expecting official figures to show a rise in unemployment today, again highlighting concerns over the strength of Australia’s job market.


An AAP survey of 17 economists found a median expectation of a 5.2% unemployment rate for September, up from 5.1% in August.


The participation rate, which is the number of people either in work or looking for work, is tipped to drop by 0.1% to 65.1%.


IMF warning over finance markets


The stability of the global financial system has become more fragile in the past six months, the International Monetary Fund has warned.


The IMF said that little progress had been made on making financial markets less complex, with the eurozone debt crisis badly affecting confidence.


Hobbit coins released in NZ


New Zealand is to make commemorative Hobbit coins legal tender, ahead of next month’s release of director Peter Jackson’s film based on the Tolkien novel.


Coins featuring the likes of Bilbo Baggins and Gandalf the wizard, worth thousands of dollars, will be made available from November 1.




The Dow Jones Industrial Average was down 113.93 points, or 0.85%, to 13,359.60. The Australian dollar rose to US102.36 cents.


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