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Surprise rise in Australian jobs

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    Surprise rise in Australian jobs

    Australia's economy created more jobs than expected in October, with 24,500 more people finding employment.It is the second monthly gain in a row and has led analysts to speculate that interest rates will be increased in December to 3.75% from 3.5%.

    In October, Australia became the first G20 country to raise rates since the global recession began, and it raised rates again earlier this month.

    The news sent the Australian dollar to a 15-month high.

    One Australian dollar was worth 0.9333 US cents.

    The unemployment rate saw a slight increase to 5.8%, but overall it has remained fairly steady since March.

    "These are very strong numbers," said Felicity Emmett, senior economist at RBS.

    "Employment is up over 60,000 in just two months and the jobless rate might peak below 6%... that's amazing," she said.
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