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Investing.com-- Australia’s job market rebounded in March after an unexpected contraction in the prior month, while the unemplyment rate came in slightly below expectations, signaling the labor market still remains hot.
The total number of employed people rose by 32,200 in March, in contrast with a 52,800 decline in February, data from the Australian Bureau of Statistics showed on Thursday. The reading was below expectations for a growth of 39,800.
Australia’s participation rate- which gauges the percentage of the population that is in the labor sector, rose to 66.8%, slightly below estimates of 67.0%.
The unemployment rate rose to 4.1% in January, from 4.0% in Feb, but was below forecasts of a 4.2% growth.
Australia’s labor market has remained tight over the past three years, amid a shortage of skilled workers and an abundance of open positions. While this has helped underpin spending and inflation to some extent, Australian wage growth has somewhat stagnated.
The Reserve Bank of Australia recently signaled a data-driven approach to future easing amid global trade tensions fueled by U.S. tariffs. The central bank is likely to cut interest rates again in May, with its recent meeting minutes supporting this view.