Australian jobless rate tumbled to 3.5 percent in June, hitting the lowest level in 48 years as the job market continues to tighten.
The change in the unemployment figure, which stood at 3.9 percent in May, well surpassed economists’ expectations, with Deutsche Bank economist Phil O’Donaghoe saying it was one of the best labour market reports in Australia’s history.
“You can never get too carried away with any number, whether it’s positive or negative, but really it is just an extraordinary strong print, really adding to a very, very robust demand story here in Australia,” he told ausbiz television.
Similarly, CommSec senior economist Ryan Felsman described the unemployment figure as “staggering low” and “remarkable,” while Nomura economist Alice Cho called it “stunningly strong.”…