Australia jobs data surprise to upside
Australia's May employment data surprised markets with a gain in jobs,
sending the nation's currency jumping. Total employment rose by 1,100
last month, with the jobless rate holding steady at 5.5%, the Australian
Bureau of Statistics said Thursday. The result beat economists' median
expectation for a loss of 10,000 jobs and a rise in the unemployment
rate to 5.6%, according to a Dow Jones Newswires survey. On the other
hand, the gains came on the back of a 6,400 rise in part-time jobs, with
full-time positions falling 5,300. Still, the currency market cheered
the news, with the Australian dollar rising from 94.55 U.S. cents ahead
of the data, to briefly top the 95-cent level before easing back to
94.84 U.S. cents.
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