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MNI BRIEF: RBA Set To Hike Again After Strong Jobs Data

MNI (PERTH)
(MNI) Perth

Strong jobs data, following solid Q3 earnings data, sets up RBA for near certain Dec hike.

True

A further 25bp hike at the Reserve Bank of Australia's December meeting looks certain after October labour force data showed new jobs more than doubled expectations and the unemployment rate fell back to its equal lowest rate in 50 years. The stronger-than-expected print snapped a run of monthly data that suggested the red-hot jobs market may be losing steam amid seven consecutive rate hikes and increased migration that boosted the supply of workers.

The economy added 32,200 new jobs in October, beating expectations for 15,000, according to the Australian Bureau of Statistics. The unemployment rated edged down to 3.4% from 3.5% in September, as the participation rate held steady at 66.6%.

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A further 25bp hike at the Reserve Bank of Australia's December meeting looks certain after October labour force data showed new jobs more than doubled expectations and the unemployment rate fell back to its equal lowest rate in 50 years. The stronger-than-expected print snapped a run of monthly data that suggested the red-hot jobs market may be losing steam amid seven consecutive rate hikes and increased migration that boosted the supply of workers.

The economy added 32,200 new jobs in October, beating expectations for 15,000, according to the Australian Bureau of Statistics. The unemployment rated edged down to 3.4% from 3.5% in September, as the participation rate held steady at 66.6%.

Keep reading...Show less