Australia’s jobless rate unexpectedly dived to its lowest today. But the decline smacked more of statistical noise than a true signal of emerging inflationary pressures and rising interest rates.
Unemployment rate dropped to 5 percent in September which was forecasted at 5.3 percent. Lowest reading since April 2012. The entire fall in unemployment was due to a sharp drop in the number of people actively looking for work.
The US dollar recorded gains against its major peers this morning, after minutes from the U.S. Federal Reserve’s September meeting affirmed expectations that the central bank is likely to continue raising interest rates this year.