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Yahoo
6 days ago
- Business
- Yahoo
Australia jobs rebound in July, unemployment dips in major relief
By Wayne Cole SYDNEY (Reuters) -Australian employment rebounded in July as firms took on more full-time workers, data showed on Thursday, pulling the jobless rate down from a 3-1/2 year high and calming concerns the labour market was about to fall over. The upbeat report implied there was less urgency for the Reserve Bank of Australia to follow up this week's rate cut with another in September, and nudged the local dollar up 0.3% to a two-week high at $0.6566. Yet policy makers have indicated more easing is likely should inflation continue to cool as expected and markets remain fully priced for a further quarter point easing to 3.35% in November. "The data are reassuring in that they suggest conditions are not deteriorating quickly," Sean Langcake, Head of Macroeconomic Forecasting for Oxford Economics Australia. "Nevertheless, weak economic momentum and global uncertainty will be strong headwinds for the labour market to overcome through the rest of the year." Figures from the Australian Bureau of Statistics showed net employment rose 24,500 in July from June, when it added a meagre 1,000. That was dead in line with market forecasts, while full-time jobs more than recovered a June drop with a jump of 60,500. In a relief for the economic outlook, the jobless rate eased back to 4.2%, from 4.3%, which had been the highest reading since November 2021. The participation rate ticked down to 67.0%, while hours worked rose 0.3% after a pullback in June. The ABS noted female full-time jobs jumped by 40,000 in July and their participation rate rose a record high of 63.5%. The central bank had expected unemployment to rise to around 4.3% this quarter, which is still low by historical standards, and stay there for the foreseeable future. Leading indicators of labour demand have been solid with vacancies still almost 50% above pre-pandemic levels, while there were 1.8 unemployed per vacancy compared to 3.1 back in early 2020. Business surveys are generally upbeat and consumer spending has picked up in the last couple of months as lower borrowing costs and past tax cuts feed through to incomes. RBA Governor Michele Bullock has also flagged the likelihood of at least another 50 basis points of total easing should core inflation continue to moderate from its current 2.7% pace to the mid-point of the central bank's target band of 2% to 3%. While unemployment is low, there is little sign of wages being an inflationary threat with annual pay growth holding at 3.4% in the second quarter, well below its 2023 peak of 4.2%.
Yahoo
15-04-2025
- Yahoo
2 hikers stranded in remote areas of Arizona desert rescued in separate incidents
Two people have been rescued in separate incidents after being stranded in remote areas of the desert in southern Arizona, authorities said. The first incident took place on Saturday when Tucson Sector Border Patrol Search Trauma and Rescue (BORSTAR) agents, along with help from the Pinal County Sheriff's Office, responded to a call from a hiker stranded near the Superstition Mountains, east of Phoenix, after they suffered a 'potentially broken ankle and were unable to walk,' according to a statement from U.S. Customs and Border Protection on Monday. MORE: 3 skiers killed, including American, in large avalanche in Canada 'Aboard Pinal Air 1, the rescue team quickly located the injured hiker,' authorities said. 'Due to challenging, mountainside terrain, to evaluate the hiker, a BORSTAR agent was lowered to the ground using the helicopter's hoist. The hiker was then rescued via hoist and taken to a safe landing zone for further evaluation.' In a second and separate incident the following day, agents assigned to the Sonoita Border Patrol Station 'responded to a call from the Santa Cruz County Sheriff's Office for a lost and injured hiker on the Arizona Trail near Pauline Ridge,' according to CBP. MORE: Toddler found wandering streets alone with soiled diaper leads police back to shocking scene at home 'A U.S. Customs and Border Protection, Air and Marine Operations helicopter located the hiker, but rugged terrain and dense foliage prevented the helicopter from landing, and the rescue was conducted by agents on the ground,' officials said. After reaching the hiker's location, agents discovered that the unnamed man had been lost for two days. They were able to provide immediate medical aid and transported him to the Sonoita-Elgin Fire Department for further evaluation and treatment. MORE: Cop dies when police car split in 2 by light pole while in pursuit of suspect during chase 'I am incredibly proud of our agents' swift and professional response to these incidents,' said Tucson Sector Chief Patrol Agent Sean L. McGoffin. 'These rescues are a testament to their training, teamwork and unwavering commitment to public safety. Our agents and teams continuously demonstrate their dedication to saving people's lives.' 2 hikers stranded in remote areas of Arizona desert rescued in separate incidents originally appeared on
