February: Australian Employment Change Feb.: 77.4K
Australian Unemployment Rate February: 4.0% vs. (est 4.1%;prev 4.2%).
Full-Time Employment Change: +121.9K vs (prior -17K).
Participation Rate: 66.4%, vs. (previous 66.2%) and 66.3%.
Ruetrrs reported that “Australian employment exceeded expectations in February.” This was due to activity recovering quickly from the Omicron outbreak. It drove unemployment down to levels not seen since 2008, adding pressure to increase rates.
The February reference period saw floods in NSW, QLD and other parts of Australia. Employment was expected to rise by 37k. The market should see a rise in participation to 66.4% as a positive sign of the falling Unemployment Rate.
However, the AUD/USD has been moving up by a few pips based on the report’s outcome.
The AUD/USD trades in a range between 0.7282 to 0.7311 during the day, with highs reaching on the day.
About the Unemployment Rate
The Australian Bureau of Statistics releases the Unemployment Rate. This is the ratio of the total civilian workforce to the number of workers who are unemployed. A rate increase indicates that there is not enough growth in the Australian labour market. A rise can lead to a weakening of the Australian economy. An increase or decrease in the number is considered positive for the AUD.
