Despite a strong rebound in employment, Australia’s unemployment rate unexpectedly rose to a five-year high in August. The mixed jobs report did not change market pricing: markets assign a 95% probability the Reserve Bank of Australia will deliver a fourth rate hike to 4.6% next Tuesday. Oxford Economics Australia economist Oscar Guth said August job growth failed to keep pace with labor-force expansion, easing labor-market tightness; he added inflationary pressure also stems from oil prices, su

Despite a strong rebound in employment, Australia’s unemployment rate unexpectedly rose to a five-year high in August. The mixed jobs report did not change market pricing: markets assign a 95% probability the Reserve Bank of Australia will deliver a fourth rate hike to 4.6% next Tuesday. Oxford Economics Australia economist Oscar Guth said August job growth failed to keep pace with labor-force expansion, easing labor-market tightness; he added inflationary pressure also stems from oil prices, supporting expectations of a rate rise next week.