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Australian Unemployment Rate remains steady at 5.7%

Thursday, May 19 2016
Australia’s economy added jobs in April and the unemployment rate held at a 2 1/2 year low as the number of people in part-time roles increased. Unemployment was unchanged at 5.7%; economists predicted 5.8%. Employment rose 10,800 from March; economists forecast 12,000 gain. Full-time jobs fell by 9,300; part-time employment rose by 20,200. Participation rate, a measure of labor force as a share of the population, dropped to 64.8%; economists predicted 64.9%.
The report signals that record-low interest rates are aiding a revival in industries like construction, tourism and education that’s helping soak up unemployed workers as a resource boom winds down. The second straight month of jobs growth also provides a boon for a government seeking to push its economic credentials ahead of a July 2 election. Still, wage growth is stagnant and the investment outlook remains weak.
 
Aussie is currently being traded around 0.72 area. Pair is likely to find support around 0.7150 handle and resistance above 0.7250 level. Later today, in the US session, Unemployment Claims and Philly Fed Manufacturing Index figures will be released.
More in this category: « Fed hints at June rate hike UK Retail Sales rose by 1.3% »

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