New jobs data prove Australia's strengthening economy (2)

15:56, June 10, 2010      

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However, such buoyancy in the labor market raised the risk of a further interest rate rise, although economists expect the Reserve Bank of Australia (RBA) to wait until at least August before moving again.

The interest rate decision would follow the release of the June quarter consumer price index in late July.

"Tightening labor market conditions will be a growing concern for the RBA," JP Morgan economist Helen Kevans said.

The fall in the jobless rate was led by a sharp drop to 5.2 percent in state New South Wales from 5.7 percent in April.

Western Australia also saw a fall to 4.1 percent from 4.6 percent, while in South Australia it declined to 5.3 percent from 5.6 percent.

Falls were also recorded in Queensland to 5.5 percent from 5.6 percent, the Northern Territory to 2.9 percent from 3.0 percent and the Australian Capital Territory (ACT) to 3.3 percent from 3.4 percent.

Against the trend, the unemployment rate rose in Victoria to 5. 4 percent from 5.3 percent and in Tasmania it was 6.0 percent, up from 5.9 percent.

Victoria has been the only mainland Australian state to record a rise.

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