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ISCOVER
Staff Reporter
In data that shocked industry pundits, the Australian Bureau of Statistics has reported a big plunge in full-time employment.
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According to the latest figures, the number of people employed decreased by 22,100 to 11,436,500 in April.
The decrease in employment was driven by a decrease in full-time employment, down 49,100 people to 8,056,800.
These job losses effectively lower the risk of a June rate hike, according to market analysts.
While analysts had expected the pace of employment growth to slow in April, the actual fall was far greater than anticipated, forcing them to downgrade the chances of a June 7 interest rate rise from 29 to 13 per cent.
