Australia Adds Workers in May as Rate-Cut Bet Deferred: Economy
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Australia unexpectedly boosted payrolls in May and unemployment declined as the job market withstood a weaker domestic outlook, prompting traders to push back interest-rate cut bets.
The number of people employed rose by 1,100, the statistics bureau said in Sydney, after rising a revised 45,000 in April. May’s increase compares with the median estimate for a 10,000 drop in a Bloomberg survey of 25 economists. The jobless rate fell to 5.5 percent from a revised 5.6 percent.