Australia's Unemployment Rises, ASX Plunges

0:00From the Daily News Now Network, this is Adelaide News today. Australia's unemployment rate ticked up to 4.3% in February from 4.1% the month before. Full-time jobs took a hit, signaling softer demand in the labor market. Meanwhile, the ASX endured its worst day in almost a year, shedding nearly $70 billion in value during a sharp sell-off. This panic mirrored global jitters ahead of a federal reserve announcement. Traders and households are feeling the pinch, with savers hit hard by steady interest rates while borrowers catch a break from earlier cuts. Hotter inflation and wages growth have dimmed hoax for more relief from the reserve bank. Gold and silver prices plunged in early trading, dragging the Aussie market lower for the week. The Aussie dollars swung higher against the inn, amid rate speculation. Economists now watch closely as the reserve bank weighs its next moves, with no cuts on the horizon and productivity pushes gaining traction to steady the economy.

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