Employment surges in June, leaving the door open to further interest rate rises

Australia's job market posted a surprisingly strong June, with employment surging by more than 76,000—well above expectations—while the unemployment rate held steady at 4.4 percent. Workers aged 55 to 64 led the gains, marking their strongest annual participation increase. Per the Conversation, that combination signals a labor market resilient to further interest rate hikes, and financial markets are now pricing in better than one-in-three odds of an August rate rise from the Reserve Bank of Australia.

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