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Australian Labor Market Strengthens in June

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Australia’s labor market strengthened for a fourth month in June led by a remarkable comeback in full-time jobs – an upbeat outcome that could bring nearer the day when the country’s central bank starts considering a rate hike.

The data will offer much-needed relief to the Reserve Bank of Australia (RBA) which has been fretting over a “mixed” jobs performance while leaving interest rates at a record-low 1.50 percent since last August.

Thursday’s data from the Australia Bureau of Statistics (ABS) showed the unemployment rate steadied at 5.6 percent as 14,000 new jobs were added.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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