Australia: Solid job creation and a dip in the unemployment rate in September send Aussie dollar up
Seasonally-adjusted employment rose by 14,700 in September, following a revised 37,900 job addition in August (previously reported: +34,700). September’s result matched market expectations and was driven by a jump in full-time employment, while part-time jobs were shed.
Seasonally-adjusted unemployment inched down to 5.2% in September, from a one-year high of 5.3% in August, marking the first drop since February. Moreover, the seasonally-adjusted underemployment rate fell to 8.3% in September, from 8.5% in August. Meanwhile, the seasonally-adjusted participation rate inched down 0.1 percentage points from a fresh all-time high of 66.2% in August.
September’s labor market data drove the Aussie dollar up to a two-week low as it weakened expectations that the Reserve Bank of Australia will cut rates further at its next meeting in November.