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Strong Aussie Employment Growth Throws Water on Rate Cuts
By Sam Dustin (eToro Blog) The Australian unemployment rate fell unexpectedly to 5.2% from the previous month. The number of new jobs added amounted to 20,400 according to data released by the Australian Bureau of Statistics. This was much higher than the 10,000 growth that economists had forecasted. The region of Queensland leads the growth, where the unemployment rate plunged to 5.4%. However, the unemployment rate rose in South Australia, New South Wales and Victoria. Australia has a unique situation where one part of the country is experiencing a mining boom and hiring workers. Other parts of the country reliant ... (full story)