Australian Employment Unexpectedly Falls

flickrandrewtallon Australia vs. New Zealand

Australia's December employment figures are out.

Employment fell by 5,500 in December. Economists surveyed by Bloomberg were looking for a 4,000 gain.

The unemployment rate was revised up to 5.3 percent from a previous reading of 5.2 percent.

Australia, an economy largely driven by mining, has struggled as its trading partners like China have slowed down.

It's "a credit bubble built on a commodity market built on an even bigger Chinese credit bubble," wrote strategist Dylan Grice about Australia.