Australia created 178,800 jobs in October, positively surprising the market, which expected a loss of 30,000 jobs. In September, 29,500 jobs had been lost. October is the best job creation figure since last June.
Of the 178,800 jobs created, 97,000 were full-time and 81,800 part-time. The participation rate rose to 65.8% from 64.8% previously, exceeding the 64.7% forecast.
The unemployment rate increased one tenth, reaching 7% from 6.9% in September, although it improves by two tenths the 7.2% expected by experts.
Bjorn Jarvis, ABS Chief of Labor Statistics, said: “This strong increase means that employment in October was only 1.7% below March, and reflects a large flow of people from outside the workforce returning to work. ”
“It is encouraging that the increase in employment also was accompanied by a sharp increase in hours worked, particularly in Victoria, where hours increased by 5.6%, ”added Jarvis.
AUD / USD reaction
The AUD/USD It hit day lows at 0.7283 just before the release, and bounced to 0.7301 after the data. At the time of writing, the pair is trading in a narrow range between the 0.7285 and 0.7299 zone, maintaining a negative bias.
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