Australian Employment Unexpectedly Falls

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Photo: flickrandrewtallon

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.

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