SYDNEY, 16th May, 2024 (WAM) -- Australian employment rose by more than expected in April, data showed on Thursday, but the jobless rate still climbed to a three-month top as the growth in workforce outpaced job creation, Reuters reported.
The jump in unemployment was seen as erasing any chance of a further rate hike from the Reserve Bank of Australia (RBA), a big swing from early in the month when the probability had been as high as 40%.
Data from the Australian Bureau of Statistics showed net employment rose 38,500 in April from March, topping forecasts for a bounce of 23,700. All the gains were in part-time work, with full-time employment dipping 6,100.
The jobless rate rose to 4.1%, from an upwardly revised 3.9%, and above market forecast. The participation rate ticked up to 66.7%, while hours worked were flat.