Australian Unemployment Rate unchanged in September

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Thursday, Oct 15 2015

Australia's unemployment remained steady at 6.2% last month, although the number of jobs fell by 5,100. While the jobless number is in line with expectations, the employment number is a disappointment, with the market expecting around 5,000 jobs to have been created in September. It is the first drop in job numbers since April this year. Full-time workers were the main casualties, losing 13,900 jobs last month.

However a decline in the participation rate – or the number of people looking for work – kept unemployment in check. AMP Capital’s Shane Oliver said while the figures were volatile, September’s employment was weaker than expected. Dr Oliver said he expected the unemployment rate to trend slowly up, especially if mortgage rate hikes flowed through to consumers and impact spending.

After the data Aussie fell but managed to find some support around 0.73 handle and is currently being trade around 0.7320 area. Pair is likely to find support around 0.7270 level and resistance above 0.7380 area. Later today, in the US session, CPI, Unemployment Claims, Empire State Manufacturing Index and Philly Fed Manufacturing Index figures are scheduled for a release.

More in this category: « PPI missed market forecasts Euro pushed lower after ECB Nowotny comments »

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