Australia Jobless Rate Unexpectedly Falls, Boosting Currency
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Australia’s unemployment rate unexpectedly dropped in November as a labor market driven by mining-industry hiring weathers a weaker global economy, sending the local currency higher.
The jobless rate fell to 5.2 percent from 5.4 percent in October, the statistics bureau said in Sydney today. That compares with the median estimate for unemployment of 5.5 percent in a Bloomberg News survey of 27 economists. The number of people employed advanced by 13,900, compared with the consensus forecast for no change.