Early Rate Cut Hopes Dashed By Strong Australian Jobs Data!

Australia’s unemployment rate unexpectedly fell in November as the nation’s golden streak of hiring gains extended, underscoring the resilience of the labor market to elevated interest rates and prompting traders to pare back bets of a February cut. As Alex Joiner from IFM noted “Solid employment Growth in November and a tick down in the participation rate sees the unemployment rate get back down below 4%. It seems the RBA doesn’t particularly need to be in a hurry to cut rates, a February move still has a lot of optionality. It was a big full time number is encouraging and […]