The results of Australia’s June labor force survey are as follows:
(Reuters poll: +30.0k) Employment +29.1k s/adj
Unemployment Rate +4.9 percentage points, s/adj (Reuters poll: +5.0) (AUD is a bullish currency.)
+51.6k s/adj Full-Time Employment
Reuters poll: +66.3 pct Participation Rate +66.2 pct, s/adj
The Weekly Payrolls for June revealed a recovery from the Victoria lockdowns in May, while the Labour Force survey was completed too early to detect the lockdown in NSW.
With the improvement in employment, participation has risen to a new high.
The AUD/USD has risen a few ticks, but the fact that the UR is now below 5% should be good for the currency in the future.
The resistance on the hourly chart could be tested, indicating the possibility of a deeper correction into daily resistance.
The Australian Bureau of Statistics’ Employment Change is a measure of the change in the number of people employed in Australia. A rise in this indicator, in general, has positive implications for consumer spending, which boosts economic growth. As a result, a high number for the AUD is considered optimistic (or bullish), while a low reading is considered negative (or bearish)./n
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