Australia unemployment drops to 5.9 percent

Australia's jobless rate dropped to a better-than-expected 5.9 percent in October, data showed Thursday, lowering expectations that the central bank will cut record-low interest rates. The Australian Bureau of Statistics figures showed that 58,600 jobs -- 40,000 full-time and 18,600 part-time -- were created last month, a surprise given below-trend economic growth. It is the first time the jobless rate has dropped below 6.0 percent since May, and was stronger than analysts' expectations of a ste