Australian Jobs Surprisingly Fall, Giving RBA Scope for Patience [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Australian employment unexpectedly fell in March and the jobless rate edged higher, unwinding some of the huge upside surprise of the prior month and reflecting restrictive settings of monetary policy. The economy shed 6,600 roles, confounding expectations for a 10,000 gain and following an increase of over 100,000 in February, government data showed Thursday. Unemployment ticked up to 3.8% from 3.7% in February. Article content Article content The data “suggests a healthy and still tight labor market,” said Su-Lin Ong, chief economist at the Royal Bank of Canada. “Despite sub-trend economic growth, a consumer recession, and subdued confidence, the labor market remains reasonably resilient.” Ong said the result adds to the risk the Reserve Bank will have a late and shallow interest rate easing campaign. The consensus among economists, at the m
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