Australian dollar is lifted by decline in unemployment rate as data showed. While the improvement is welcomed by RBA, it’s far from being enough to confirm a pause in the easing cycle. The economy added 14.7k jobs in September, above expectation of 10.0k. Full-time employment grew 26.2k while part-time employment dropped -11.4k. Unemployment rate dropped -0.1% to 5.2% but participation rate also dropped -0.1% to 66.1%.
The seasonally adjusted unemployment rate increased by 0.2% in New South Wales (4.5%), and by 0.1 % in Queensland (6.5%). Decreases were recorded in South Australia (down 1.0% to 6.3%, following a cumulative increase of 1.3% over the previous two months), Victoria (down 0.2% to 4.7%) and Tasmania (down 0.2% to 6.2%), with Western Australia recording no change.
