Australian Jobs Surge Boosts Rate-Hike Bets as Inflation Lingers
- Full-time employment led the gains, jumping by 61,700 in May
- The employment-to-population ratio climbed to a record high
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Australian employment smashed expectations in May and unemployment surprisingly declined, bolstering the case for the Reserve Bank to raise interest rates further to counter inflationary pressures.
The currency advanced and three-year government bond yields spiked after data showed Thursday employers added 75,900 roles from a month earlier, more than four times the forecast gain. The jobless rate declined to 3.6%, having hovered in a range of 3.4%-3.7% since June last year.