Australia's job growth shows economy is absorbing

Aihucha News, September 14: Australia's employment rebounded after an unexpected decline in August while the unemployment rate remained stable, indicating that the labor market is trying to cope with the RBA's 12th interest rate hike. Published data showed that 64,900 new jobs were created in August, while the previous forecast was for an increase of about 25,000 jobs. The unemployment rate remained at 3.7%, having hovered between 3.48-3.78% since last June. The data supports the RBA's case for another rate hike as inflation remains high and the labor market remains tight. The Australian Bureau of Statistics' head of labor statistics said employment grew sharply in August after a small fall in July around the school holidays. Looking at the past two months, monthly job growth has averaged about 32,000, which is similar to the average growth over the past year.