The report supports the Reserve Bank of Australia’s assessment that interest rate cuts are unlikely in the near term. — Reuters
SYDNEY: Australian employment blew past forecasts for a third straight month in August, yet the jobless rate held steady as the workforce also expanded at a rapid rate, reinforcing the view that the labour market remains tight.
The report supports the Reserve Bank of Australia’s (RBA) assessment that interest rate cuts are unlikely in the near term, with markets seeing scant prospects for a move at the policy meeting next week.
