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Australia’s employers hire more-than-expected workers

Publish Date11/10/2012 01:26:07 AM

Last Update11/10/2012 07:26:40 AM

Australia’s employers hire more-than-expected workers

Australian employers recorded more-than-expected jobs in September, and hired almost three times the estimated number of workers last month easing the woes over the outlook for growth, which boosted the local currency to gain for the fourth straight day.

Australia’s economy released its Employment Change for September, where the jobs added rose 14,500, compared with a previous reading of -8.8K revised to -9.1K a month earlier, while analysts’ expectations were only for 5,000 added jobs.

Unemployment rate in Australian inclined unexpectedly to 5.4% in September, compared with a previous reading of 5.1%, while analysts’ expectations were for 5.3%.

Full Time Employment Change rose 32.1K in September, compared with a previous reading of 0.6K revised to 0.8K

Moreover, today’s data underscore the strength of the world’s 12th   largest economy, which recorded an annual expansion by 4% during the first half of the year, driven by resource investment.

Governor Glenn Stevens of the Reserve Bank of Australia cut interest rates by a quarter percentage points to 3.25%, acknowledging that the nation’s mining investment boom is likely to peak next year at a lower level than previously forecasted.

The RBA policymakers are still expected to cut rates again during the upcoming period in order to support the nation’s economy amid the signs of weakening growth and lingering global downside pressures from the European debt crisis and also the Chinese economic slowdown that strongly underscores growth in Australia as China is the nation’s biggest trading partner. 

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