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A Reserve Bank of Australia official pointed out a recent surge in jobless rate does not translate to weak economy.
RBA policymaker Ian Harper said the latest data give an encouraging sign that perhaps a weak labor market is starting to regain traction. In March, the unemployment rate climbed 5.9% from 5.6% last year.
Harper noted the heightened focus on employment was directly connected to woes that the muted job market could hinder already low wages hike and increases in inflation. He added there is no doubt this market had excessive capability.
The central bank recently focused its attention on the labor market. Based on the minutes of its April meeting, the directions of the jobs market and property market will change the view for interest rates.
