AUDUSD remains under pressure on Thursday; the employment statistics didn’t support the Aussie.
The Australian Dollar continues falling against the USD on Thursday. The current quote for the instrument is 0.7293.
The statistics on employment published by Australia in the morning couldn’t support the Aussie. For example, the Unemployment Rate in the country went from 6.9% in September to 7.0% in October. However, it’s still better than expected (7.1%).
Another report, the Employment Change, showed 178.8K in October after being -42.5K in the previous month and against the expected reading of -26.7K. The components of the report showed that the number of both full-time and part-time jobs improved.
The method of calculating the labor force has changed a little bit. From now on, it also includes those who are registered in the JobKeeper system. These people, just like other unemployed, have to look for a job and, as a result, are considered and as a full-time labor force. This is the reason why the number of people without steady jobs increased by 26K in October.
Some components of the published statistics are a bit alarming but generally, the situation is quite okay. Australia is very experienced in the quick diversification of its labor market after switching from extractive to mixed economy and that’s very helpful right now.
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