Australia's jobless lowest in 28 years

SYDNEY, Jan. 13 (UPI) -- Australia's unemployment rate fell for the fourth month in a row in December, bringing the rate to its lowest in 28 years, the Financial Times said Thursday.

Data showed the national jobless rate dipped to 5.1 percent, and job vacancy levels suggested there was likely to be further growth in employment in coming months.

However, economists said the figures were at odds to other indicators which suggested the economy might be slowing, and also cautioned the tightening labor market could exacerbate skill shortages and fuel wage growth.

But John Peters at Commonwealth Bank in Sydney remained optimistic.

"More people in jobs and low unemployment are positive for consumer sentiment and thus should help underpin consumer spending, supporting overall growth going forward," Peters said.