Employment has been on a roll for the fourth straight month, with companies adding 14,200 jobs to the economy, according to the Australian Bureau of Statistics. The increase in jobs are twice as expected based on forecasts by the Reserve Bank, clear signs that the jobless rate is peaking and that possible rate hikes loom in the future.
Economists predicted an adaditional 8,800 jobs for April, with a jobless rate of 5.9%. The results are impressive as it was almost double than predicted, with the jobless rate pegged at 5.8%. Upon release of the employment data, the Australian dollar jumped to a day’s high of 93.62 US cents. New South Wales and Queensland were the leading states for employment, while Western Australia lost jobs in the weakening mining sector.
Read more about this on the Age website.