Australia’s Unemployment Rate Steadies At 3.7% In August, Employment Change Jumps By 64.9k

By FXStreet Team of FXStreet

Where Forex Never Rests • Sep 13, 2023 at 9:43 PM EDT

According to the official data released by the Australian Bureau of Statistics (ABS) on Thursday, Australia’s Unemployment Rate came in at 3.7% in August, compared with the expectations of 3.7% and the previous figure of 3.7%.

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According to the official data released by the Australian Bureau of Statistics (ABS) on Thursday, Australia’s Unemployment Rate came in at 3.7% in August, compared with the expectations of 3.7% and the previous figure of 3.7%.

The number of employed people jumped by 64.9K in August as against the consensus estimates of 23K and the loss of 14.6K seen in the previous month.

Additional details revealed that Full-Time Employment increased by 2.8K in the reported month vs. July’s -24.2K drop. However, Part-Time Employment bumped up by 62.1K when compared to a gain of 9.6K in July.

The Participation Rate edged higher to 67.0% in August vs. 66.7% expected and 66.7% previous.

Market reaction

AUD/USD caught a fresh bid on the Australian jobs data, initially jumping to intraday highs of 0.6454 before easing to 0.6440, where it now wavers. The pair is up 0.26% on the day.

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