SYDNEY (Reuters) – Australia’s employment unexpectedly fell in April after two months of excessive profits, while the unemployment rate also ticked higher, a sign that the sweltering labor market could be cooling down.
Figures from the Australian Bureau of Statistics showed net employment fell by 4,300 in April from March, when they recovered by a revised 61,100. Market forecasts were for an increase of 25,000.
The unemployment rate rose to 3.7%, while analysts had expected a stable 3.5%.
(Reporting by Stella Qiu; editing by Christian Schmollinger)
