AUD/USD up to 0.7460 as Unemployment Rate Rises to 6%

Australia’s unemployment rate has risen slightly in June, albeit it from a downwardly revised May figure, as the number of new jobs in the economy increased marginally.  The unemployment figure rose to 6 per cent in June, after an increase in the number of unemployed people outstripped a slight rise in added job numbers over the month, according to data released this morning from the Australian Bureau of Statistics.

The result, however, beats economists’ expectations, thanks to a downwardly revised jobless rate in May.  Analysts surveyed by Bloomberg had forecast the unemployment rate to lift to 6.1 per cent in June, predicting a completely flat result for jobs added to the economy during the month.

The ABS originally reported May’s unemployment rate as a 12-month low of 6 per cent, but downwardly revised that figure to 5.9 per cent, on a seasonally adjusted basis.  The ABS said the total number of people employed in Australia increased by only 7300 to 11.769 million in June, on a seasonally adjusted basis.

Australian

Stuart McPhee
Stuart McPhee

Australian private trader for nearly 20 years, author, trading coach, licensed adviser and regular speaker at major trading events all around the world. Graduate of RMC Duntroon and former Australian Army Officer.