Rate cut hopes disappear

The chances of a cut in official interest rates in the coming months has diminished with the release yesterday of better than expected unemployment figures for the month of April.

Employment rose by 27,000 jobs in April. An extra 49,000 full-time jobs were created, partially offset by the loss of 21,800 part-time jobs.

Also this week, retail sales figures pointed to improving consumer confidence while global sharemarkets climbed higher.

Source: Sydney Morning Herald