Also,  BIS central bankers’ speeches  3  productivity growth continues to be low. For growth in the non-mining economy to pick up, it is likely that these trends will need to reverse. Labour market data are available up to August. They continue to point to soft outcomes for employment, after the surprisingly fast increase last year.
The unemployment rate has also risen by 0.4 percentage points over the past few months, after having been steady at around 5 per cent for much of the year. These trends could be an indication of the economy having slowed recently to a pace that is below its potential.