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Australian dollar jumps on strong jobs data
Australian dollar rose as much as 1.5 per cent to $0.7335 early on Thursday in reaction to Australian jobs data.
Australian Bureau of Statistics showing the economy added 71,400 jobs in November, topping even the perplexingly strong October report. The unemployment rate fell 0.1 percentage points to a seasonally adjusted 5.8 per cent, a 19-month low.
The result caught economists, who had forecast 10,000 jobs to be shed last month and for the unemployment rate to tick back up to 6 per cent, off-guard.
October’s numbers on their own were surprisingly strong, with 56,100 jobs created. Both full- and part-time jobs were added that month, and declines in September were revised to be smaller than previously estimated. By most measures, it was an impressive result.
That trend seems to have been continued, with full-time employment increasing by 41,600 and part-time employment up by 29,700.
The Australian Bureau of Statistics is no stranger to criticism about the quality and volatility of its employment data. October’s result raised eyebrows at the time, but this is starting to get
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