Australia’s unemployment rate fell to 6.2% in August despite disappointing economic growth and turmoil on the world’s stock markets.
The total number of people with jobs rose 7,400 in the month, the Australian Bureau of Statistics said on Thursday, which was better than expectations of a rise of 6,000.
The Australian dollar rose on the news and is currently buying to US69.97c. But the statistics could not help the stock market with the S&P/ASX200 down more than 2% at 5,107 points thanks to renewed uncertainty about the Chinese economy.
Full-time employment rose by 1,500, while the number of part-time jobs was up by 5,900. The participation rate, which refers to the number of people either employed or are actively looking for work, fell to 65% from 65.1% in July.
Despite persistent job losses in mining and other heavy industries, sluggish economic growth and headwinds from the global economy, the figures will help the Abbott government’s attempts to push its “jobs and growth” agenda.
via The Guardian
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.
Alfonso Esparza