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Australia churns out more jobs in May
Better-than-expected result reduces rate cut possibility.
According to BBVA, Australia unexpectedly created more jobs in May, reducing the likelihood of a rate cut by the Reserve Bank of Australia (RBA) at its next policy meeting on July 2.
Employment increased by 1,100 (consensus: -10,000). But with the participation rate declining, the employment stayed flat at 5.5% (consensus: 5.6%). The RBA cut the policy rate to a historic low of 2.75% in May, for a total of 200 bps rate cut since November 2011, the research firm noted further.
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