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Australia recorded biggest monthly job gains in almost 28 years

Thursday, Dec 10 2015
Australian employers recorded the biggest back-to-back monthly job gains in almost 28 years, sending the currency soaring by almost a U.S. cent while renewing doubts about the veracity of the data. Employment rose 71,400 from October; economists forecast 10,000 drop. Jobless rate dropped to 5.8% from 5.9%; economists predicted 6%. Full-time jobs rose by 41,600; part-time employment increased by 29,700. Participation rate, a measure of labor force in proportion to the population, rose to 65.3%; economists predicted 65%.
 
While Australians “might see monthly figures jump around, and certainly they do, at the moment they’re jumping around in the right direction,” Employment Minister Michaelia Cash told reporters in Perth Thursday. “The federal government doesn’t really have concerns about the reliability of the ABS. The head of the ABS has continued to come out and say he relies on those figures and he’s very comfortable with them.”
 
Aussie is currently being traded around 0.7280 area. Pair is likely to find support around 0.7250 handle and resistance above 0.7320 level. Later today, in the US session, Unemployment Claims figures are scheduled for a release. 
More in this category: « Sterling higher despite no major data releases French CPI fell by 0.1% »

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