Australia jobs beat forecasts, boost case for more rate hikes

The RBA sees unemployment rising only slightly to 3.7% by the end of next year, while forecasting inflation at 4.7% and still well above its long-term target band of 2% to 3%. – Bloomberg

SYDNEY: Australia’s jobless rate matched five-decade lows in October as employment climbed by double market forecasts, a sign it will take further increases in interest rates to loosen the drum-tight labour market.

Figures from the Australian Bureau of Statistics yesterday showed net employment rose 32,200 in October from September, when they fell a revised 3,800.