Australia's Unemployment Rate Drops to Eight-Month Low in November
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Australia: Australia's jobless rate fell unexpectedly to 3.9% in November, the lowest in eight months, as employment rose by 35,600, driven by gains in full-time jobs. According to the Australian Bureau of Statistics, the participation rate edged down slightly to 67.0%, while analysts had anticipated an unemployment increase to 4.2%. The robust labour market has led to a reassessment of the Reserve Bank of Australia's policy outlook, with market bets on a February rate cut declining. The RBA has maintained the cash rate at 4.35% for a year, aiming to balance inflation control and employment stability. Governor Michele Bullock indicated upcoming decisions would hinge on labour, inflation, and retail data.
Source: Reuters