Employers Cut Jobs In Australia, Unemployment Rose
Australian economy notices unexpected cut in employers' payroll during the month of December, while at the same time the unemployment rate inclined in comparison with the previous reading which adding to signs that non-mining sector weakness is discouraging hiring.
Australian economy released its employment change concerning the month of December, where the reading recorded an actual fell by 5,500, compared with a previous reading of 13,900 revised to 17,100, while analysts' expectations were 4,500.
Meanwhile, unemployment rate in Australia reached 5.4% in December to meet analysts' expectations, while the previous reading recorded 5.2% revised to 5.3%.
Today's cut in jobs came after the fourth reduction in the nation's benchmark interest in 2012 by the Reserve Bank of Australia last month amid the recent lower commodity prices and stronger currency that hut companies' revenues.
Moreover, full time jobs declined by 13,800 during December, while the part time jobs rose by 8,300, which adding to signs that labor market in Australia needs more efficient support from the nation's government and also add measures to control Aussie's strength.
Finally, Australian dollar noticeably declined versus its counterpart American dollar, where the AUD/USD pair recorded low of 1.4728 after starting today's session at 1.05162, where the pair recorded high of 1.03512.