Australia’s unemployment rate rises to 4.2% in July, even as employers add more than 58,000 jobs

Latest data reported by the ABS dims chances of a near-term RBA interest rate cut

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Australia’s unemployment rate ticked higher last month, even as employers added about three times as many jobs as expected. The job gains will probably discourage the Reserve Bank from cutting its key interest rate in the near term.

The jobless rate in July rose to 4.2%, the Australian Bureau of Statistics reported on Thursday. Economists had expected the rate to remain in line with June’s 4.1% level for June.