SYDNEY : Australian employment surged past all expectations in November as more lockdown restrictions were lifted and most of the retail sector reopened, while the jobless rate fell sharply in a major boost to the economic outlook.
Data from the Australian Bureau of Statistics on Thursday showed employment jumped 366,100 in November, blowing away forecasts of a 205,000 rebound. The jobless rate dropped to 4.6per cent, from 5.2per cent, well under forecasts of 5.0per cent. The report will please the Reserve Bank of Australia which argues unemployment needs to fall to 4per cent or lower to finally lift wage growth after years of sub-par gains.
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