Australia’s December employment figures are out.Employment fell by 5,500 in December. Economists surveyed by Bloomberg were looking for a 4,000 gain.
The unemployment rate was revised up to 5.3 per cent from a previous reading of 5.2 per cent.
Australia, an economy largely driven by mining, has struggled as its trading partners like China have slowed down.
It’s “a credit bubble built on a commodity market built on an even bigger Chinese credit bubble,” wrote strategist Dylan Grice about Australia.