Australian employers sacked the most people in nine months in December, a surprise blow for the economy that some analysts say could revive expectations for a central bank rate cut.
The Australian Bureau of Statistics reported that the number of people employed decreased by 22,600 in December, well below consensus expectations for a 7,500 increase. The news sent the Aussie dollar tumbling to $0.8805 early Thursday, its lowest level since August 2010.
Analysts told CNBC the jobs shocker could lead those who had forecast the nation's central bank to start hiking rates next year to revise their forecasts.
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"Overall, economists have been bearish on the Australian economy for a while, so it's not a massive secret, especially given recent spending cuts by the government, and the fact that companies are wary of what direction the economy will take," said Stan Shamu, market strategist at trading firm IG, referring to the decline in jobs.
"We could see some analysts that have been forecasting rate hikes for next year revising their forecasts, this could be a talking point," he added.