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Australia unemployment rate falls, consumer prices up

Staff Writer |
Data from the Australian Bureau of Statistics showed that the jobless rate in the country was a seasonally adjusted 5.7% in April. That beat forecasts for 5.9%, which would have been unchanged from the March reading.

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The Australian economy added 37,400 jobs to total 12,099,300 in April. That was well above expectations for a gain of 5,000 jobs following the downwardly revised addition of 60,000 jobs in the previous month.

Full-time employment decreased 11,600 to 8,227,400 and part-time employment increased 49,000 to 3,871,900.

In other economic news, data from the Melbourne Institute showed that consumer prices in Australia are predicted to have risen 4.0% on year in May.

That's down from 4.1% in April, and it moves further off of January's multi-year high reading of 4.3%.

The Australian Bureau of Statistic's official read on inflation for the first quarter of 2017 was 2.1% on year.