The Australian economy generated 53,000 jobs in March, well above the 20,000 expected by the market, as published by the Australian Bureau of Statistics (ABS). This is the second consecutive month of job creation, after 64,600 jobs were generated in February. The unemployment rate remains at 3.5%one tenth below the forecast 3.6%.
Lauren Fordhead of labor statistics at ABS, notes: “With employment increasing by around 53,000 people and the number of unemployed decreasing by 1,600 people, the unemployment rate remained at a nearly 50-year low of 3.5%.”
“In line with the increase in employment, the employment-to-population ratio increased by 0.1% to 64.4%, and the tparticipation rate remained at 66.7%. Both indicators were close to their November 2022 record highs, reflecting a tight labor market and explaining why employers are finding it difficult to fill the large number of open positions,” Ford added.
AUD/USD reaction
The AUD/USD reacted to the good data with a rise of 35 pips that took it back above 0.6700 to a daily high at 0.6720. At time of writing, the pair remains strong trading above 0.6717, gaining 0.41% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
