Australian economy adds 65,000 jobs in August, raising prospect of further rate hikes

Unemployment rate remains steady at 3.7% in a sign that the economy could avoid a hard landing as impact of 12 interest rate rises is felt by households

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Employers hired almost 65,000 more workers in August, many more than expected, improving the prospects that the economy will avoid a hard landing but also raising the possibility the Reserve Bank may hike interest rates again.

The unemployment rate last month was 3.7%, the Australian Bureau of Statistics said on Thursday. Economists had forecast the economy would add 25,000 jobs in August, which would have left the jobless rate at July's reported level of 3.7%.

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