Australian employment falls in September, quashing rate hike risk
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Australian employment unexpectedly fell in September, keeping the jobless rate at 4.7%.
- ✓This soft result showed that the risk of another interest rate hike this year has faded.
- ✓Sunny Nguyen said, "Firms are cutting shifts and casual hours first while holding onto full-time staff, a pattern typical of an early downturn."
Story at a Glance
- Category
- BUSINESS
- Reported By
- Reuters
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
SYDNEY, Oct 15 (Reuters) - Australian employment unexpectedly fell in September, with the jobless rate staying at a five-year high of 4.7%, data showed on Thursday, a soft result that quashed the risk of another hike in interest rates this year.
Markets now imply a nearly 90% chance the Reserve Bank of Australia will leave interest rates unchanged at 4.6% in November, up from 66% before the data, after delivering four rate hikes this year. The chance of a hike in December has fallen to just 32%, with another rate increase no longer fully priced in.
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The Australian dollar fell 0.3% to $0.6953, while three-year government bond futures rallied 11 ticks to 95.19, a five-week high in part helped by a global rally in Treasuries.
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Reuters
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