Australian Jobs Unexpectedly Slump, Boosting Rate-Cut Wagers
- Full-time employment falls by most since height of pandemic
- Currency drops up to 0.4% while stocks pare losses after data
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Australian employment surprisingly tumbled in December, snapping four months of gains and sending the currency lower as traders boosted wagers on the Reserve Bank switching to policy easing this year.
The economy shed 65,100 roles, led by the biggest monthly drop in full-time employment since the height of pandemic, government data showed Thursday. Unemployment held at 3.9%, cushioned by a sharp fall in the number of workers seeking jobs.