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Jobs surge beats forecasts

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Employment grew strongly in the Australian economy in March, dampening expectations of an interest-rate cut in coming months and lifting the Australian dollar.

The unemployment rate rose to 5.0 per cent in March from 4.9 per cent in February, as expected by economists.

RBA Governor Philip Lowe has spoken of a growing tension between what has been consistently strong employment growth over recent years against what has been a sharp slowdown in growth, led by softer consumer spending. BIS Oxford Economics’ Sarah Hunter said the latest figures, which were in line with consensus expectations, highlighted a “fundamentally healthy” jobs market that would ease pressure on the RBA to cut the cash rate.

 

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