Australia Employers Cut Payrolls in June, Jobless Rate Rises

Australian employers unexpectedly reduced payrolls in June and the jobless rate rose, increasing speculation of a fifth interest-rate cut by the central bank in nine months as Europe’s clouded outlook restrains global growth.

The number of people employed fell by 27,000, led by a loss of full-time jobs and almost erasing a revised 27,800 job gain in May, the statistics bureau said in Sydney today. That compares with the median estimate for no change in a Bloomberg survey. The jobless rate rose for a second month, to 5.2 percent from 5.1 percent.