December 6, 2022

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Australia Oct employment up surprisingly strong 32,200 By Reuters

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© Reuters. FILE PHOTO: Businessmen use their phones as they stand in the central business district (CBD) of Sydney in Australia, May 14, 2017. Picture taken May 14, 2017. REUTERS/Steven Saphore/File Photo

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.

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