Mining Job Australia

Biggest Australia Jobs Gain Since '10 Augurs Rate Pause: Economy

Feb. 16 (Bloomberg) -- Australia added the most workers in 14 months in January and the jobless rate unexpectedly declined, spurring investors to increase bets the central bank will extend an interest-rate pause.

Payrolls rose by 46,300 last month, the most since November 2010, after a revised drop in December of 35,600, the statistics bureau said in Sydney today. That compares with the median estimate for an increase of 10,000 in a Bloomberg News survey of 25 economists. The jobless rate fell to 5.1 percent.

Stocks fell as traders boosted the odds Reserve Bank of Australia Governor Glenn Stevens will keep the benchmark borrowing cost unchanged March 6 after he unexpectedly paused at 4.25 percent rather than cut last week as resource investment drives growth. The central bank lowered the rate at back-to-back meetings last quarter as Europe’s sovereign debt crisis weakened prospects for global growth.

“This strong report is likely to wipe out any remaining expectations of an RBA rate cut next month,” said Annette Beacher, head of Asia-Pacific research at TD Securities Inc. in Singapore.

Investors priced in a 37 percent chance Stevens will lower rates by a quarter percentage point to 4 percent at the next meeting March 6, down from 60 percent before the report, a Credit Suisse Group AG Index showed. The Australian dollar was little changed at $1.0684 at 1:22 p.m. in Sydney from $1.0683 before the data were released. The S&P/ASX 200 Index fell 1.6 percent to 4,186.4.

Greek Delays

Asian stocks also fell today as a delay in a second bailout for Greece revived concern Europe will struggle to contain its debt crisis. The MSCI Asia Pacific Index slipped 0.5 percent to 126.65 as of 10:05 a.m. in Tokyo.

The number of full-time jobs climbed 12,300 in January, and part-time employment jumped 34,000, today’s report showed. Australia’s participation rate, a measure of the working-age population, gained to 65.3 percent in January from 65.2 percent a month earlier, it showed.

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