©Reuters. FILE PHOTO: Businessmen use their phones while standing in Sydney’s Central Business District (CBD), Australia May 14, 2017. Picture taken May 14, 2017. REUTERS/Steven Saphore/File Photo
SYDNEY (Reuters) – Australia’s unemployment rate hit a five-decade low in October as jobs rose on double market forecasts, a sign more rate hikes are needed to ease the tight labor market.
Figures from the Australian Bureau of Statistics on Thursday showed that net employment rose 32,200 in October from September when it fell a revised 3,800. That came as a surprise to many analysts who were only expecting a profit of 15,000.
The unemployment rate fell to 3.4% from 3.5%, again beating forecasts of a slight increase, while hours worked fell a sharp 2.3% as fewer than normal people took vacations that month.