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Australia’s Employment Soars by 89,000 in April as Unemployment Holds at 4.1%

Robust job growth and stable unemployment boost expectations for an RBA rate cut, despite lingering labour market tightness.

People cross the street in the Sydney Central Business District, in Sydney, Australia, May 14, 2024. REUTERS/Jaimi Joy/File Photo
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Overview

  • Australia's unemployment rate remained steady at 4.1% in April, matching March levels, according to the Australian Bureau of Statistics.
  • Employment surged by 89,000 in April, significantly outpacing forecasts, with female full-time employment seeing the largest gains.
  • The employment-to-population ratio rose to 64.4%, just shy of its record high, as the labour force expanded by 95,000 people.
  • The Reserve Bank of Australia’s trimmed mean inflation measure returned to the target range at 2.9%, alleviating immediate inflation concerns.
  • Markets and economists widely expect the RBA to announce a 25 basis point rate cut at its upcoming meeting, though tight labour market conditions remain a key consideration.