Fall in Australia’s unemployment rate sends dollar higher and stocks down, dimming hopes of interest rate cut

ABS reveals robust market as unemployment rate drops from 4.1% to 3.9%, its lowest since March

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A surprisingly robust labour market in November, including more than 50,000 additional full-time jobs, has set back hopes of an early move by the Reserve Bank to cut interest rates. Stocks sank and the dollar rose.

The jobless rate last month dropped to 3.9%, the Australian Bureau of Statistics reported on Thursday. Economists had forecast the rate would rise to 4.2% from October’s 4.1% level.