Australian employment surpassed expectations in June and the jobless rate held at a lower revised rate, underlining the labor market’s resilience to rapid interest-rate increases.
The jobless rate remained at 3.5%, having hovered in a range of 3.4%-3.7% since June last year, Australian Bureau of Statistics data showed Thursday. The economy added 32,600 roles from a month prior, more than double estimates, and employment has now risen in nine out of the past 12 months.
The data increases pressure on the Reserve Bank to resume raising rates, with money market bets implying a better-than 50% chance of a hike to 4.35% at its Aug. 1 meeting. The Australian dollar extended earlier gains, rising to 68.25 US cents. Three-year bond yields jumped 12 basis points, heading for their largest one-day increase since July 7.
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