Australia’s Surprise Job Gains Boost Case for RBA Rate Hike

Australian unemployment unexpectedly fell in December as the economy added more jobs than anticipated, prompting traders to boost bets that the Reserve Bank will be forced to raise interest rates as early as next month.

The jobless rate dropped to 4.1% from 4.3%, beating economists’ estimate of 4.3%, government data showed Thursday. Employment advanced by 65,200, led by full-time roles, and more than double the expected 27,000 gain.