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Australia Added More Than Expected 21,000 Workers in November

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Dec. 12 (Bloomberg) -- Australian employers boosted payrolls in November, adding to evidence a two-year interest-rate cutting cycle is boosting demand.

The number of people employed rose by 21,000, the statistics bureau said in Sydney today. That compares with the median estimate for a 10,000 increase in a Bloomberg News survey of 26 economists. The jobless rate rose to 5.8 percent from 5.7 percent.

Central bank Governor Glenn Stevens reduced the benchmark interest rate by 2.25 percentage points since late 2011 to a record-low 2.5 percent. The jobs data and a stronger housing market may add to economists’ expectations that the Reserve Bank of Australia will refrain from further stimulus.

“Rate cuts have started to filter through the economy, lifting employment in the interest-sensitive sectors, particularly in residential property and construction,” Katrina Ell, an economist at Moody’s Analytics in Sydney, said before today’s report.

The Australian dollar rose as high as 90.82 U.S. cents from 90.61 before the data were released.

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net