Australian employers boosted payrolls more than four times economists’ estimated in April as the job market weathers a weaker domestic outlook. The Aussie jumped.
The number of people employed rose by 50,100 from a month earlier, after a revised 31,100 drop in March, the statistics bureau said in Sydney. That compares with the median estimate for an 11,000 rise in a Bloomberg survey of 24 economists. The jobless rate fell to 5.5 percent from 5.6 percent.
The data underscore the resilience of the world’s 12th-largest economy, which has been driven by investment in resources to meet Chinese demand. Central bank Governor Glenn Stevens lowered interest rates by 2 percentage points in the past 19 months, including a quarter-point reduction this week, to a record-low 2.75 percent as he seeks to revive industries outside mining, where investment is predicted to peak this year.