Thursday, October 13, 2011

Unemployment in surprise fall; doubts raised over Melbourne Cup Day rate cut

There's been a surprise fall in Australia's unemployment rate, casting doubt on forecasts for an interest rate cut on Melbourne Cup Day.

The jobless rate dipped slightly to 5.2 percent last month as employers took on twice as many new workers than anticipated. Economists has forecast a steady jobless rate of 5.3 percent.

Job creation beat expectations to 20,400 new job in September - 10,800 of them full time.

Listen to my analysis broadcast on The World Today.

The likelihood of a rate cut in November is now dependent on the next official inflation reading due in a fortnight's time.

Here's the official outcome from the Australian Bureau of Statistics.

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