Strong jobs figures lower expectations of pre-Christmas interest rate cut

Unemployment rate in September was 4.1% – making it unlikely the Reserve Bank will cut interest rates this year

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Australia’s economy added far more jobs than expected last month, making it less likely the Reserve Bank will be opting for an interest rate cut this side of Christmas.

The unemployment rate in September was 4.1%, the Australian Bureau of Statistics reported on Thursday. Economists had predicted the rate would remain at the 4.2% rate initially reported for August. The ABS has now revised August’s rate down to 4.1%