Oz chalks up a wizard jobs rise
11 April 2012
The bonzer Australian economy, which this week became the first major economic power to increase interest rates after the global recession, added 40,600 jobs last month while its peers in the west suffered rising unemployment.
The extraordinarily strong figure was better than all expectations and triggered predictions interest rates there will be hiked again soon. Money markets priced in an increase from the current 3.25% to 4.5% in the coming months. That compares with the British rate, expected to be kept on hold today at 0.5%, and the European Central Bank's 1%, also likely to be kept on hold today.
Analysts say Australia has benefited from its proximity to Asia, which is emerging rapidly from the recession.
