Australia’s jobless rate jumped to a 12-year high in July, surpassing the U.S. level for the first time since 2007, sending the local currency tumbling.
The unemployment rate rose to 6.4 percent from 6 percent, the statistics bureau said in Sydney today, versus the median estimate for unemployment to hold steady in a Bloomberg News survey of economists. The number of people employed fell by 300.
The data underscores the division in policy outlooks between the Federal Reserve, which markets bet will tighten next year, and the Reserve Bank of Australia’s flagged period of stability for its record-low benchmark. Australia is losing its developed-world-beating status as the mining investment boom that powered it through the global financial crisis wanes.
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