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Australia's Unemployment Rate Hits 12-year High - Yahoo News

December 11, 2014

"Despite the unemployment rate printing a touch higher in rounded terms, November's report was overall slightly better than the fitness market expected, and suggested labour market conditions improved modestly in November," ANZ economists Savita Singh and Riki Polygenis said. "From here -- and now that the ABS appears more comfortable with the veracity of the survey -- we expect the unemployment rate to level out." The latest figures came two days after the ABS said it would accept all recommendations from an independent review into how the labour force survey is collated, following questions about its accuracy. The review said the timing of supplementary surveys had contributed to the volatility in the monthly data. The Australian dollar jumped a quarter of a cent to 83.7 US cents after the data release before easing slightly. The participation rate -- which measures the proportion of adults in work or looking for work -- rose a seasonally adjusted 64.7 percent from 64.6 percent. Total aggregate hours worked fell 4.4 million hours to 1,610.6 million. - 'Room for lower interest rates' - Australia's economy -- which has avoided a recession for more than two decades -- is struggling to shift towards non-mining-led growth with a sharp drop off Max Workouts in resources investment is expected next year. Pressure is building on the Reserve Bank of Australia to cut interest rates from their record low of 2.5 percent following weaker-than-expected third-quarter GDP growth data released last week.
More: http://news.yahoo.com/australias-unemployment-rate-12-high-014107367.html

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