“Australia’s unemployment rate unexpectedly dropped in November as a labor market driven by mining-industry hiring weathers a weaker global economy, sending the local currency higher.
The jobless rate fell to 5.2 percent from 5.4 percent in October, the statistics bureau said in Sydney today. That compares with the median estimate for unemployment of 5.5 percent in a Bloomberg News survey of 27 economists. The number of people employed advanced by 13,900, compared with the consensus forecast for no change.
The data underscore the strength of the world’s 12th- largest economy, which expanded at an annual pace of 3.1 percent last quarter driven by resource investment. Reserve Bank of Australia Governor Glenn Stevens lowered interest rates by a quarter percentage point this week, bringing to 1.75 points the cuts since Nov. 1 last year as he seeks to revive industries outside mining, where investment is expected to peak next year.”
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