Release Explanation: This report measure the percent of unemployed persons in the labor force. The unemployment rate can be a leading indicator of the overall health of the labor market. Higher unemployment leads to less income for Australian workers who, in turn, may reduce consumption. As consumer spending contributes to a majority of Australia’s GDP, developments in the labor market directly affect prospects for Australian growth.
Trade Desk Thoughts: The unemployment rate in Australia increased by 0.1 percent to 4.4 percent in November which is slightly below analysts’ forecasts of an increase to 4.5 percent. The unemployment rate increased by 7,900 to 496,000. The number of persons looking for full time work increased to 344,700 while those looking for part time employment increased to 151,900.
Forex Technical Reaction: The aussie is currently finding slight resistance at the neutral pivot point at .6577 which also closely corresponds to yesterdays neutral pivot area which saw both support and resistance as the pair was unable to break away from.
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Australia Unemployment Rate Increases Less Than Forecasted
Published 12/31/2000, 07:00 PM
Updated 12/10/2008, 08:05 PM
Australia Unemployment Rate Increases Less Than Forecasted
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