Today the report on the Australian labor market has been published, arriving the data as follows:
- Job change in Australia in June: +88,400 (expected 30,000, previous 60,600).
- June unemployment rate: 3.5% (expected 3.8%, previous 3.9%).
- Participation rate June: 66.8% (expected 66.7%, previous 66.7%).
- Full-time employment +52,900.
The unemployment rate has fallen to a level not seen since 1974.
About the Unemployment Rate
The Australian Bureau of Statistics (ABS) publishes an overview of trends in the Australian labor market, with the unemployment rate a closely watched indicator. It is released about 15 days after the end of the month and sheds light on general economic conditions as it is highly correlated with consumer spending and inflation. Despite the lagging nature of the indicator, it affects the Reserve Bank of Australia (RBA) interest rate decisions, in turn, moving the Australian dollar. The bullish figure tends to be positive for the Australian dollar.
Source: Fx Street
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