Australia’s jobless rate jumps to 12-year-high

SYDNEY: Australia’s unemployment rate jumped to a more-than 12-year high of 6.4 percent in January, official data showed on Thursday, providing further ammunition for the central bank to cut interest rates.

Economists had been expecting a rise to 6.2 percent from December’s 6.1 percent but with the number of people employed falling by 12,200 it was worse-than-expected, at a level not seen since August 2002.