Added over 9 years ago
Stronger than expected November employment data is prompting economists to caution the market for the possibility of another interest rate increase by the RBA in early 2011. The Australian jobless rates dropped to 5.2% in November and almost 55,000 jobs were created. The participation rate rose to a record high of 66.1% in November. Annual employment growth increased to 3.7%, the highest since 2005. The strength of the labour market play cause inflationary pressures despite weaker reported retail sales, prompting some economists to expect the official cash rate to increase to 5% from 4.75% by February 2011.
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