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Australian Employment Surged in June as Participation Climbed


Thursday, 19 July 2018 08:50 WIB

AustraliaEkonomi AustraliaUneployment AustraliaAustralia Employment


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Australian employment surged by more than triple economists' estimates in June, bolstering the central bank's argument that strong economic growth will spur hiring.

Jobs rose 50,900 from May; economists forecast 16,500 gain.

Unemployment rate was 5.4%; estimate 5.4%.

Full-time jobs gained 41,200; part-time employment rose 9,700.

Participation rate climbed to 65.7%; economists predicted 65.5% .

Aussie dollar jumped to 74.33 U.S. cents at 11:34 a.m. in Sydney from 74 cents pre-data.

Australia’s jobs market hit a soft patch earlier this year despite economic growth accelerating above 3 percent and following a red-hot 2017 that produced record full-time hiring.

The central bank is relying on a strengthening economy to absorb spare capacity and help drive inflation, to potentially clear the path for the first interest-rate hike in almost eight years.

Source: Bloomberg


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