Australia's unemployment rate rose to the highest in eight months while ful...
SYDNEY - Australia’s unemployment rate rose to the highest in eight months while full-time jobs fell, official data showed on Thursday, cementing views its central bank may be forced to lower rates soon to stimulate the economy.
The data has “increased the risk the Reserve Bank of Australia will cut the cash rate in June, earlier than our call of July,” said Kaixin Owyong, Sydney-based economist at National Australia Bank. Thursday’s figures showed 28,400 new jobs were created in April, surging past expectations for a rise of 14,000. But in an unwelcome sign, all of the increase was led by part-time work, with full-time declining 6,300.
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