Australia’s Jobless Rate Higher Than Expected at 6.2%

Australia’s jobless rate remained at the highest level in almost 12 years, a sign that many businesses are reluctant to hire in an uncertain economic climate and that interest rates may need to stay at record lows for a while yet.

Unemployment stayed at a higher-than-expected 6.2% in October, the same as the recently revised number for September. Economists had expected the unemployment rate to ease to 6.1%.

The number of people employed rose by 24,100 in October, compared with an expected 10,000 rise, the Australian Bureau of Statistics said Thursday. The number of people in full-time work climbed by 33,400, while those in part-time work fell by 9,400.

WSJ

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.