Australian Employment Drops Unexpectedly in September
Australian employment unexpectedly fell by 39300 in September as the jobless rate held at 4.7 percent. The soft labor market data has virtually quashed expectations of another interest rate hike by the Reserve Bank of Australia this year.
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Australia's employment fell by 39,300 in September, pushing the jobless rate to a five-year high of 4.7% and quashing rate hike risks. The soft labor market data arrived on Thursday morning, contrasting with an August net gain of 29,300 roles. Markets now price in a 90% probability that the central bank will pause rates, down from previous expectations.
