Australia Jobless Rate Hits 4.5 Percent in July
Australian employment unexpectedly dropped in July and the jobless rate climbed to a near five-year high of 4.5 percent. The softer data eases pressure on the Reserve Bank of Australia to raise interest rates further.
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Australia's jobless rate climbed to 4.5% in July as employment fell by 15,800, pushing the rate to its highest level since late 2021. The weaker-than-expected labor data follows a revised gain of 80,300 jobs in June, signaling a cooling domestic economy. The employment dip reduced immediate pressure for further monetary tightening, sending the AUD/USD down 0.2% to $0.7111.
