SYDNEY (Reuters) – 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 on Thursday showed net employment rose 32,200 in October from September, when they fell a revised 3,800. That came as a surprise to many analysts who had looked for a gain of only 15,000.
The jobless rate dipped to 3.4%, from 3.5%, again beating forecasts of a slight rise, while hours worked rebounded by a strong 2.3% as fewer people than normal took leave in the month.
(Reporting by Wayne Cole; Editing by Jacqueline Wong)
