Last week’s uptick in the unemployment rate to 4.5 per cent was, to an economist, entirely unremarkable. That’s roughly the level which is neither inflationary nor deflationary, according to both the Reserve Bank and Treasury.But beneath the aggregate figure was a decline in youth employment that is potentially concerning. More than 56,000 fewer 15- to 24-year-olds were employed in April. This led some to speculate that we’re seeing the first signs of AI-driven job losses.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles