Australia’s unemployment rate climbs to 3.7% in January, higher than economists expected

Succession of interest rate rises by the RBA trims jobs growth as unemployment jumps to its highest level since May 2022

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Australia's unemployment rate has risen from 3.5% to 3.7% as higher interest rates trimmed the growth of new jobs more than economists expected.

In January, the economy shed 11,500 jobs, in seasonally adjusted terms, lifting the number of unemployed by 21,900 people, the Australian Bureau of Statistics said on Thursday.

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