Australia’s unemployment rate climbs to 3.7% in January, higher than economists had expected

Succession of interest rate increases by the Reserve Bank trims jobs growth with unemployment at its highest level since May

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Australia’s jobless rate in January rose to 3.7% as higher interest rates trimmed the growth of new jobs more than economists had forecast.

Economists had expected the Australian Bureau of Statistics to report last month’s unemployment rate would come in at 3.5% with about 20,000 additional jobs added.

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