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Unemployment in Australia unexpectedly jumped to four-year high in June
Australia’s unemployment rate unexpectedly surged to 4.3% in June, hitting a four-year high, as hiring slowed, pointing to a softening labor market. Weaker-than-expected data has fueled bets that the country's central bank could soon start cutting interest rates, as noted by Bloomberg.
The Australian Bureau of Statistics’ report showed that employment rose by just 2,000 last month, with part-time jobs driving most of the gains. The actual figure came in ten times lower than analysts’ forecast of a 20,000 increase.
As a result, the Australian dollar dropped over 0.5% while three-year government bonds fell nearly 10 basis points, Bloomberg said. Market participants now see a high likelihood of the country's central bank cutting borrowing costs in August, with potential further easing moves down the road.
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