Economists expect the Reserve Bank to lift interest rates again after jobs numbers came in much stronger than expected. Official data from the Australian Bureau of Statistics (ABS) estimates that nearly 76,000 jobs were added to the economy in May, sending unemployment down to 3.6 per cent.
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The strong figures came as a shock to economists, who were typically expecting 15,000 jobs to be added last month and the unemployment rate to remain steady at 3.7 per cent. While the data will put more pressure on the RBA to lift rates in July, the US Federal Reserve has kept rates on hold. But chairman Jerome Powell warned more hikes were ahead. It comes as New Zealand enters a recession.
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