Australia employment rose 210.8k to 12.33m in June, above expectation of 112.5k rise. Full time job dropped -38.1k to 8.49m. Part-time jobs, on the other hand, surged 249k to 3.84m. Unemployment rise rose 0.4% to 7.4%, matched expectations. That’s the highest level since November 1998. Nevertheless, the positive sign is that participation rate jumped back by 1.3% to 64.0%, as people are back in the job markets.
Prime Minister Scott Morrison unveiled today a new AUD 2B JobTrainer plan aimed at reskilling and upskilling Australians. He said, the program “doesn’t just support those who have left the workforce through no fault of their own, but that also is supporting school leavers as well at the end of this year.”
AUD/JPY weakens mildly after the release but stays above 4 hour 55 EMA. We’re viewing the sideway price actions from 72.52 as the second leg of the pattern form 76.78 high only. That is, we’d expect at least another decline before the pattern completes. Break of 73.98 support should target 72.52 and below.