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Australian Unemployment unexpectedly fell to 5.8%

Thursday, Mar 17 2016
Australia's unemployment rate fell from 6 to 5.8% in February because a large number of people gave up looking for work. The Bureau of Statistics estimated that only 300 jobs were added in February, but unemployment still fell because the participation rate dropped. The typical economist forecast in a survey by Bloomberg was for 13,500 jobs to have been created and unemployment to remain steady at 6%. Seasonally adjusted figures point to a 0.2-percentage-point fall in the proportion of the adult population in work or actively looking for it.
The fall in participation saw the key monthly hours worked figure go backwards slightly, while the employment-to-population ratio also eased to 61.1%. In more positive news, the quarterly figures show a slight improvement in underemployment. Overall, the jobs figures were seen as a positive, as the creation of 15,900 full-time positions offset a 15,600-strong fall in part-time jobs.
 
Aussie is currently being traded around 0.76 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7650 level. Later today, in the US session, Unemployment Claims, Philly Fed Manufacturing Index and Current Account figures are scheduled for a release.
More in this category: « Fed leaves interest rates unchanged Euro area inflation at -0.2% »

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