Australia jobs beat forecasts, boosting case for more rate hikes

SYDNEY – Australia’s jobless rate matched five-decade lows in October as employment climbed by double market forecasts, a sign it will take further increases in interest rates to loosen the drum-tight labor market.

Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 32,200 in October from September, when they fell a revised 3,800. That came as a surprise to many analysts who had looked for a gain of only 15,000.

The jobless rate dipped to 3.4 percent, from 3.5 percent, again beating forecasts of a slight rise, while hours worked rebounded by a strong 2.3 percent as fewer people than normal took leave in the month.