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Australia Jobs Surge in June, Unemployment Steady as More Look for Work
The jobless rate held at 4.4% as participation rose to a one-year high and markets priced a higher chance of another rate increase.
- Australian employment surged by 76,300 in June, significantly exceeding forecasts, while the unemployment rate remained at 4.4% as the participation rate climbed to a one-year high of 67.0%.
- Data released Thursday showed economic resilience, complicating the Reserve Bank of Australia's dual mandate of curbing inflation while maintaining full employment as price pressures remain high.
- Financial markets reacted swiftly, sending the Australian dollar up 0.3% to $0.7020, while ABS data revealed 47,000 of the new positions were part-time roles.
- Investors raised the probability of an August interest rate hike to 30%, as VanEck senior portfolio manager Cameron McCormack noted the tight labour market limits the RBA's 'breathing room.'
- Next week's June quarter consumer price index will be critical for August rate decisions, as rising oil prices threaten to keep inflation elevated above the 2-3% target band.
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Australia jobs blow past expectations in June, cements bets of another ...
·London, United Kingdom
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Jobs data surprises on the upside, rate hike on the cards
Employment jumped by a substantial 76,300 jobs in June, above the market consensus of 15,000 jobs creation, according to the Australian Bureau of Statistics (ABS). The unemployment rate remained ready at 4.4%. HSBC chief economist Paul Bloxham questioned if the rise is a more positive shift in the trend or mostly statistical noise, given that most of the other recent survey indicators for the economy show weakening. "The sharp rise in employment…
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Total News Sources15
Leaning Left2Leaning Right2Center2Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
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