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Australia’s Unemployment Rate Jumps to Three-Year High: Economy

Australia’s unemployment rate climbed in March to the highest level in more than three years, sending the local dollar and bond yields lower as traders added to bets the central bank will resume interest rate cuts.

The jobless rate rose to 5.6 percent from 5.4 percent, the statistics bureau said in Sydney today, the highest since November 2009. That compares with the median estimate for unemployment to hold steady in a Bloomberg survey of 24 economists. The number of people employed fell by 36,100, almost five times more than economists forecast.