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Australia Employment Unexpectedly Drops in October; AU Dollar Falls
Australian employment unexpectedly declined in October, rekindling the prospect for additional interest-rate reductions and sending the local currency lower. Key Insights: • Australia’s central bank is forecasting unemployment to hold around 5.2% through to the end of next year and for wage growth to remain at 2.3% through 2021 • This suggests an acceptance that its strategy of trying to push the jobless rate down to 4.5% -- estimated full employment -- to spark wage growth and return inflation to the 2-3% target is unlikely to come to pass for a while • The Reserve Bank has reduced interest rates three times ... (full story)
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- liberty458
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