Unemployment rate stays at 3.7% as almost 65,000 jobs added

The news: The latest ABS labour force figures show the unemployment rate was steady in August, beating expectations.

The numbers: In seasonally adjusted terms, the unemployment rate remained at 3.7%, while the participation rate increased to a record 67.0%. Employment increased by 64,900 to 14,107,900. The employment-to-population ratio increased to 64.5% and the underemployment rate increased to 6.6%.

The context: Labour force numbers were unexpectedly weak in July, when the jobless rate rose 0.2 percentage points to 3.7%. The RBA expects unemployment to continue to rise as the impact of higher interest rates flows through the economy.

What they said: "We’ve been clear and upfront about the inevitable toll high interest rates, high but moderating inflation and continuing global uncertainty — particularly the slowdown in China — will have on our own economy," Treasurer Jim Chalmers said ahead of the figures being released.