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August Unemployment 5.3% Despite Jobs Surge

Australia’s unemployment rate has exceeded economist expectations, notching 5.3% in August despite creating 34,700 new jobs – more than double the ~15,000 expected.

Market forecasts predicted 5.2% unemployment, prompting speculation of further interest rate cuts in coming months.

The news has sent the AUD tumbling 17 bps to US 67 cents, and follows interest rate dips in June and July.

Better-than-expected employment growth in August was surpassed by the number of people looking for work.

Full-time jobs created dipped 15,500 during the month, whilst part-time jobs climbed.

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