Australia's jobless rate falls to 6.2 percent

Australian unemployment eased in August, official data showed Thursday, providing a lift to the government with the economy hit by a China growth slowdown as it moves away from a massive resources investment boom. However, analysts suggested the ongoing weakness in the wider economy, and with the global outlook remaining weak, the central bank might still need to cut interest rates in the new year.
The Australian Bureau of Statistics said the jobless rate dipped to 6.2 percent last month from 6.3 percent - matching expectations - thanks to a better-than-expected jump in new posts. The Australian dollar, which has been struggling at six-year lows in recent weeks, strengthened on the back of the data, gaining a quarter of a US cent to 69.70 US cents. "Generally the picture is still of companies hiring, which contrasts with the weak GDP result," Barclays' chief economist for Australia Kieran Davies told AFP.