Australia's Surprising Job Losses Bolster Case for Rate Cuts
Australia's economy surprisingly shed jobs in May, though unemployment held steady as fewer people sought work, suggesting a slight loosening of the labor market and bolstering the case for the Reserve Bank to reduce interest rates further.
Employment fell by 2,500, driven completely by part-time roles as full-time gained, against economists' expectations for a 21,200 increase, data from the Australian Bureau of Statistics showed Thursday. The jobless rate held at 4.1% as the participation rate edged down to 67%.
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