Trade Desk Thoughts - Australia Unemployment Rate

Australia Unemployment Rate Actual 4.3%, Expected 4.3%, Previous 4.1%

Release Explanation: This report measure the percent of unemployed persons in the labor force. The unemployment rate can be a leading indicator of the overall health of the labor market. Higher unemployment leads to less income for Australian workers who, in turn, may reduce consumption. As consumer spending contributes to a majority of Australia’s GDP, developments in the labor market directly affect prospects for Australian growth.

Trade Desk Thoughts: The unemployment rate increased by 0.2 percent to 4.3 percent for the month of September. The number of unemployed males rose by 0.2, to 4.0 percent, meanwhile, the unemployment rate for females also increased by 0.2 to 4.6 percent.

Forex Technical Reaction: This release has not affected the Australian dollar as the pair trades below the neutral LFB pivot point at .6717.

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