Australia Unemployment Stays Low, Backing Central Bank’s Stance on Rate Hikes

Australian unemployment stayed low in January and hiring remained strong, validating the Reserve Bank’s view that the economy can withstand tighter monetary policy without a sharp rise in layoffs.

The jobless rate held at 4.1%, compared with economists’ forecast of 4.2%, data from the Australian Bureau of Statistics showed Thursday. Employment advanced by 17,800, driven entirely by full-time roles. The prior month’s hiring figure was also revised higher.