Australian employment posted a solid rise in June, beating forecasts, but that did not prevent the unemployment rate from matching a decade peak of 6.0 percent as more people went looking for work.
A net 15,900 jobs were created in June, topping market estimates of 12,000, data from the Australian Bureau of Statistics showed on Thursday. Full-time jobs dipped 3,800, but that followed a hefty gain in May.
The unemployment rate of 6.0 percent was a tick above forecasts and matched the January reading, which had been the highest in a decade. That soured hopes that the jobless rate had peaked for this cycle. “It’s a mixed bag. We’re still generating positive jobs numbers and that’s good, but equally we’ve hit the sticker-shock number of 6 percent,” said Michael Blythe, chief economist at Commonwealth Bank.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.