Australian Unemployment Rate drops to 5.7%

The unemployment rate has dropped to 5.7 per cent, with the Bureau of Statistics estimating that 26,200 jobs were added in July. The headline result was better than the market expected, sending the Australian dollar up around half a cent at one point, to a peak of 77 US cents shortly after the data release at 11:30am (AEST).

Number of employed in the UK remains stable

The number of people claiming unemployment benefit in Britain unexpectedly fell in July despite the shock decision by voters to leave the European Union, suggesting little immediate impact from Brexit on the labor market.Benefit claimants fell by 8,600 in the month, compared with an increase of 900 in June, and there was only a small fall in the number of jobs employers were trying to fill, the Office for National Statistics said on Wednesday.

Economists taking part in a Reuters poll had expected the number of claimants - a potential early warning sign of an economic downturn - to rise by 9,500 as employers responded to the uncertainty caused by the referendum.The figures represented the first official measure of the labor market since the June 23 vote. The ONS data also showed the pace of job creation remained strong in the run-up to the referendum.

Sterling is currently being traded around 1.30 handle. Pair is likely to find support around 1.2950 and resistance above 1.3050 handle.

US payrolls climbed by 255,000

Employment jumped in July for a second month and wages climbed, pointing to renewed vigor in the U.S. labor market that will sustain consumer spending into the second half of the year. Payrolls climbed by 255,000 last month, exceeding all forecasts in a Bloomberg survey of 89 economists, following a 292,000 gain in June that was a bit larger than previously estimated, a Labor Department report showed Friday. The jobless rate held at 4.9 percent as many of the people streaming into the labor force found jobs.

UK Unemployment Rate fell to 4.9%