Australia’s January jobs report has shown that the economy added 29,100 new jobs, down from initial expectations of 40,000.
Nevertheless, the unemployment rate improved to 6.4%, improving expectations of 6.5% and falling from 6.5% the previous month, which has helped the Australian dollar hold its own against its rivals.
Additional report details:
- Full time employment: + 59,000. This is much better than the 35,700 the previous month.
- Participation rate: 66.1% (market expectations 66.2%)
Yesterday Chris Kent from the Reserve Bank of Australia highlighted the job market while participating in the Australian Corporate Treasury Association (ACTA) roundtable webinar.
Kent said that the RBA needs a tight labor market for wages and inflation to rise.
Therefore, This report, although the result falls short of expectations, it is generally moving in the right direction and can support the Australian dollar.
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