Australia welcomes jobs gain but warns of slowdown
Friday, 8 August 2008
SYDNEY, Aug 7, (AFP): Australia's Treasurer Wayne Swan today welcomed new figures showing a higher than expected jobs surge in July, but warned that employment growth was slowing.
The number of Australians employed rose by 10,900, the Australian Bureau of Statistics said, while the jobless rate held at a seasonally adjusted 4.3 per cent. The jobs gain was about double that expected by the markets.
The figures surprised economists who have predicted that a slowing economy will soon lead the central bank to cut interest rates for the first time in seven years.
The number of Australians employed rose by 10,900, the Australian Bureau of Statistics said, while the jobless rate held at a seasonally adjusted 4.3 per cent. The jobs gain was about double that expected by the markets.
The figures surprised economists who have predicted that a slowing economy will soon lead the central bank to cut interest rates for the first time in seven years.