Australian employment rose in August but the jobless rate worsened to a one-year...
SYDNEY - Australian employment rose in August but the jobless rate worsened to a one-year high of 5.3% as more people looked for work, a sign of spare capacity in the labor market that reinforced expectations of more central bank stimulus.
“Today’s data adds to the growing evidence that further stimulus is required for the RBA to achieve its full employment and the inflation targets,” said Kaixin Owyong, Melbourne-based economist at National Australia Bank. The RBA has said it would like to see the unemployment rate fall to around 4.5% to help generate wage pressures. That looks like a tall order, as the jobless rate has been edging up since it fell to 4.9% in February, the lowest since 2008.“A higher unemployment rate suggests that stronger wage growth is unlikely for the foreseeable future,” said Callam Pickering, economist for global job site Indeed.
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