Australian jobs boon at risk

SYDNEY: As the Sino-US trade war raise fears of a global recession, businesses run the risk of being caught in a self-fulfilling vicious cycle, a top Australian central banker warned on Thursday, threatening the country’s sturdy jobs market, Reuters reported.

Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle said the trade war was a “major risk” for the country’s A$1.9 trillion ($1.3 trillion) economy though it has not had a damaging effect so far.

Supporting that view, data out on Thursday showed Australia added a forecast-beating 41,100 net new jobs in July. Still, that wasn’t enough to budge the employment rate from a disappointingly high 5.2 percent.