Australian Jobless Rate Hits Near 5-Year High Amid Cooling Labour Market

The Australian jobless rate has reached its highest point in nearly five years, hitting 4.5% in July, according to data released by the Australian Bureau of Statistics.

The employment numbers for July showed a decline of 15,800 net jobs from June, when there was a significant jump in hiring.

This unexpected fall in employment has sent shockwaves through the market, with some analysts warning that it could lead to increased pressure on interest rates. However, markets are currently pricing in little chance of a rate hike from the Reserve Bank of Australia next month, but a move by the end of the year is still viewed as a coin toss.

The Australian dollar also took a hit, falling 0.2% to $0.7111 following the release of the employment data.