Australian economy noticed more-than-estimated incline in the nation’s unemployment rate, where the numbers of people whom are searching for jobs increased, while the full-time jobs declined.
Australian economy released its Employment Change reading for the month of June, where the nation’s economy added 10.3K, compared with a previous reading of 1.1K which revised to -0.7K, while analysts’ expectations were 0.0K.
Meanwhile, the nation’s Unemployment Rate unexpectedly inclined to 5.7% in June, compared with analysts’ expectations of 5.6%, while the previous reading recorded 5.5% which revised to 5.6%.
Moreover, Governor of the Reserve Bank of Australia Glenn Stevens is expecting a weaker labor market during the upcoming period, where he managed to reduce the nation’s benchmark interest rate by 2% since last 2011 to boost the nation’s economic performance.
Form another side, Australian economy recorded its slowest growth pace in almost two years during the first quarter of the year, as manufacturing and housing sectors curbed the nation’s growth amid the recent global instability especially in China, the main trade partner.
Aussie fell against after the data, where the pair recorded low of 0.9202 after hitting its high of 0.9269, while the pair started today’s session at 0.9235.