Australia Jobless Rate Jumps to 4.5% as 18,600 Employment Drop Cools RBA Hike Bets
Updated
Updated · Bloomberg · May 21
Australia Jobless Rate Jumps to 4.5% as 18,600 Employment Drop Cools RBA Hike Bets
10 articles · Updated · Bloomberg · May 21
Australia’s unemployment rate rose to 4.5% in April—the highest since November 2021—after employment unexpectedly fell by 18,600 instead of posting a 15,000 gain.
That miss, the biggest against forecasts since June last year, reinforced signs the labor market is cooling faster than expected.
The weaker data pushed the Australian dollar lower and sent yields on policy-sensitive three-year government bonds down as traders pared expectations for further Reserve Bank of Australia rate increases.
The figures add to evidence that higher interest rates—and, in earlier reporting, an energy shock from the Middle East conflict—are weighing on Australia’s economy.
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