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Australia shares off lows as jobs rise in Sept

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MELBOURNE, Oct 11 (Reuters) - Australian shares recoveredfrom session lows to be down 0.3 percent on Thursday, paringsteeper losses after data showed a jump in jobs in September andmore people looking for work.

The Australian dollar

rose a third of a cent aftergovernment data showed employment rose 14,500 in September,compared to forecasts for a slight rise of 3,750. Full-time jobsjumped by 32,100.

.

Unemployment rose three notches to 5.4 percent in Septemberas more people looked for work.

Markets and analysts pared back expectations for rate cutsafter the data.

"The best appraisal is that the economy is in a holdingpattern. As such, rate cuts still remain on the agenda, but thesize of job growth in the latest month does make it harder forthe Reserve Bank to justify a rate cut in November," said CraigJames, economist at CommSec.

Earlier this month, the central bank cut Australia's ratesto a three-year low as growth slows in top trading partnerChina.

Local stocks fell at the start of trade after U.S. equitiessank on corporate warnings of slower growth.

The benchmark S&P/ASX 200 index

was down 11 pointsat 4,479.4 by 0132 GMT, off a session low of 4,460.4.

The benchmark pulled back from 14-month highs on Wednesdayafter the IMF cut its growth forecast for China, Australia'sbiggest export market.

New Zealand's benchmark NZX 50 index

slipped 2.5points to 3,885.6.STOCKS ON THE MOVE:

* Mineral sands miner Iluka Resources

slumped 8.3percent after it reported a drop in first quarter revenue.0134 GMT* Lynas Corp Ltd

plunged 16 percent as it facedanother delay in opening its rare earths plant in Malaysia,raising the prospect the company may need to shore up itsfunding with a share sale.

Its shares fell to a six-week low of A$0.69.

0134 GMT

(Reporting by Miranda Maxwell; Editing by Jacqueline Wong)

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