Strong Australian jobs growth quashes hopes of near-term rate cut

Australia is likely to continue holding off lowering interest rates. (Image: RBA)

Thu, 17 Oct 2024

By James GlynnAustralia’s commodity-rich economy continued to create jobs at a stellar pace in September, sending a powerful message to the Reserve Bank of Australia (RBA) that it might be too soon for it to contemplate joining the global rush to slash interest rates.Employment grew by 64,100 over the month, enough to keep the unemployment rate steady at 4.1%, the Australian Bureau of Statistics said Thursday. Economists had expected employment to rise by just 25,200.Full-time jobs grew by 51,600 jobs in September, underscoring the overal...

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