SYDNEY – Australian employment unexpectedly fell in April, pushing the unemployment rate to its highest since late 2021, suggesting the labor market may be loosening enough to prevent a near-term rate hike.
Figures from the Australian Bureau of Statistics showed net employment dropped 18,600 in April from March, following a revised 23,300 rise. This was far below market expectations of a 15,000 gain.
Full-time jobs fell by 10,700 after a sharp rise the previous month. The jobless rate climbed to 4.5%, against forecasts of 4.3%. The participation rate edged down to 66.7%, while hours worked rose a solid 0.8%.
