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<Econ> Australia Apr Unemployment Rate Rises to 4.5%, Highest in Nearly 4.5 Years; Rate Hike Expectations Cool as AUD Slumps 0.5%
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According to data released by the Australian Bureau of Statistics, on a seasonally adjusted basis, Australias unemployment rate rose to 4.5% in April, the highest level since November 2021 and well below market expectations of remaining at the previous 4.3%. During the period, employment decreased by 18,600, far short of market expectations for an increase of 15,000. Australias participation rate edged down to 66.7% in April, below market expectations of remaining at the previous 66.8%. The number of unemployed persons increased by 33,000, including an increase of 11,000 people seeking full-time jobs and 22,000 seeking part-time jobs. The cooling of Australias labour market exceeded expectations. Andrew Lilley, Chief Interest Rate Strategist at Barrenjoey, expects that the Reserve Bank of Australia will not raise interest rates further. The market is now pricing in a 43% chance of a rate hike in August, a sharp drop from 77% before the unemployment data release. The Australian dollar slumped 0.5% during the Asian session to 0.7114 against the USD. (da/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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