Australia Employers Cut Workers in May as Unemployment Holds
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Australian employers unexpectedly cut payrolls in May, underscoring the likelihood interest rates will remain at a record low for an extended period.
The number of people employed fell by 4,800, the statistics bureau said in Sydney today. That compares with the median estimate for a 10,000 increase in a Bloomberg News survey of 27 economists. The jobless rate held at 5.8 percent.