Australia Caps Best January-May Hiring Period Since ‘07: Economy
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Australia unexpectedly added workers last month, capping the best January-to-May period of hiring in five years and prompting traders to pare bets on interest-rate cuts as the local dollar stages its strongest rally this year.
The number of people employed rose by 38,900 in May, after a revised 7,000 gain in April that was lower than previously reported, the statistics bureau said in Sydney today. The median estimate was for no change in employment in a Bloomberg News survey of 23 economists. The jobless rate rose to 5.1 percent from a revised 5 percent in April as participation increased.