The Reserve Bank of Australia (RBA) has cut interest rates three times since June to try to encourage investment and further accelerate hiring in an effort to lift economic growth and inflation.
SYDNEY: Australian unemployment unexpectedly declined in November as the labour market persisted in defying slower economic growth, validating the central bank’s decision to pause interest-rate reductions.
Employment jumped 39,900 last month, compared with economists’ estimates of a 15,000 gain, data from the Australian Bureau of Statistics (ABS) showed yesterday. The jobless rate fell to 5.2% vs a forecast 5.3%, while participation was unchanged at 66%. The ABS said bushfires had resulted in “minor disruption to data collection” in New South Wales, Queensland and the ACT.
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