Surprise fall in jobless rate lessens likelihood of rate cut
Hopes of an imminent interest rate cut have been dashed by shock new unemployment data that showed the jobless rate declining when the RBA had expected it to climb.
The 'blockbuster' jobless rate decline is great news for job hunters but has implications for borrowers.. (Image source: Shutterstock.com)
More people in work means more money being spent, which in turn fuels inflation and puts upwards pressure on interest rates.
The news released Thursday (12 December) that Australia’s jobless rate fell in November from 4.1 to 3.9 per cent was a surprise for economists, welcome news for job seekers and a little startling to borrowers.
The resilient labour market has been one of variables under the Reserve Bank of Australia’s (RBA) magnifying glas…
