Australian Jobs Preview: Weakening global economy set to hit labor market, hurt Aussie

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Has Australia's labor market peaked? The Unemployment Rate is hovering around historic lows, leaving little room for improvement and opening the door

, which hit 3.7% after failing to dig below the trough of 3.4% achieved earlier this year.

Another reason to expect a weak report comes from China. Australia's main trading partner is still struggling to create growth as its property sector suffers from an immense debt crisis. China consumes raw metals such as iron and copper from Australia, as well as other goods. Prospects for a weaker economy may have deterred employers from hiring.The Aussie has been under pressure for long weeks due to downbeat Chinese fortunes and a lack of oomph in the USmarket.

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