-
Australian Job Gains Remain Strong While Unemployment Edges Up
Australian employment came in much stronger than expected in October while the jobless rate edged higher as more people sought work, suggesting the Reserve Bank may have more to do to cool demand and inflation. The economy added 55,000 roles from the prior month — driven primarily by part-time jobs — exceeding estimates for a 24,000 gain, Australian Bureau of Statistics data showed Thursday. Unemployment rose to 3.7%, as expected. The jobless rate has hovered in a 3.4%-3.7% range since June last year. Higher unemployment was driven by more people hunting for work, with the participation rate jumping to 67%. ... (full story)