Nevertheless, labor conditions in Australia improved for the third consecutive month in November as the economy added 31.2K jobs from the previous month, which unexpectedly pushed the jobless rate to 5.7% from 5.8% in October, and the rebound in employment reinforces an enhanced outlook for future growth as business confidence jumps to a seven-year high. At the same time, a separate report showed the current account deficit widened to A$16.1B in the third-quarter from a revised A$13.1B during the previous three-month period as net exports slumped 1.8% from the second-quarter, and policy makers may hold a cautious outlook for the economy as global trade conditions remain weak. However, the GDP report due out next week is expected to show the growth rate expanding 0.4% in the third quarter, with the annualized rate anticipated to increase 0.7% from the previous year, and the data could drive the Australian dollar higher as the outlook for growth and inflation improves. - DS
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