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SYDNEY- Australia employment unexpectedly fell in July to end two months of very strong growth, while the jobless rate ticked higher in a sign the drum-tight labor market might finally be loosening.
The softer reading stoked speculation the Reserve Bank of Australia (RBA) might be done hiking interest rates and dragged the local dollar down to nine-month lows at $0.6366.
Figures from the Australian Bureau of Statistics (ABS) on Thursday showed net employment fell 14,600 in July from June, reversing some of June’s 31,600 jump and confounding market forecasts of a 15,000 rise. All the losses were in full-time jobs which dropped 24,200.
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