Pressure Coming Off RBA as Jobs Market Loses Some Heat

Australian employers are still hiring but the size of the workforce is growing faster than the number of jobs being created, in a development that bodes well for borrowers waiting for interest rate cuts. The unemployment rate rose to 4.1 percent in April, the Australian Bureau of Statistics said on May 16, up from the revised-higher figure of 3.9 percent in March. The figure was a little above expectations for a 3.9 percent outcome and yet job creation was stronger than expected, with employment rising by 38,500 jobs after a 5,900 drop in the month prior. CommSec economists Ryan Felsman and Craig James said growth in the workforce was outpacing job creation, which was still happening faster than expected....