Australia Employers Cut Workers in August
Australian employers unexpectedly cut workers for a second month in August, sending the nation’s currency, stocks and bond yields lower as investors added to bets the central bank will reduce interest rates. The number of people employed fell by 9,700, after a revised 4,100 drop in July, The jobless rate rose to 5.3 percent, the highest since October 2010, from 5.1 percent. The currency headed for its first weekly decline in a month and bond yields their first weekly fall in three as traders raised bets Reserve Bank Governor Glenn Stevens will lower borrowing costs to help spur hiring. The Australian dollar fell after the report, trading at $1.0584 at 12:52 p.m. in Sydney from $1.0640 before the data. Two-year bond yields declined 13 basis points to 3.63 percent, the lowest level since Aug. 22. Australia’s S&P/ASX 200 Index fell 0.3 percent to 4,169.80.
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