{"id":60158,"date":"2014-09-11T02:32:51","date_gmt":"2014-09-11T06:32:51","guid":{"rendered":"http:\/\/countingpips.com\/?p=60158"},"modified":"2014-09-11T07:24:06","modified_gmt":"2014-09-11T11:24:06","slug":"australia-creates-most-jobs-on-record-in-august","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/australia-creates-most-jobs-on-record-in-august\/","title":{"rendered":"Australia creates most jobs on record in August"},"content":{"rendered":"
September 11, 2014<\/div>
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Article by ForexTime<\/a><\/p>\n

Australian employment surged by the most on record in August and far beyond the most optimistic forecast, on the face of it a stunningly strong report that should calm recent concerns about the health of the economy.<\/p>\n

The local dollar AUD=D4 leaped and markets are virtually pricing out the chance of a rate cut as Thursday\u2019s data from the Australian Bureau of Statistics showed 121,000 jobs were created in August. That was the largest rise since the series began in 1978 and dwarfed expectations for a 12,000 increase.<\/p>\n

The jobless rate also surprised by falling back to 6.1 percent, so reversing most of July\u2019s unexpected jump to 6.4 percent. Most of the gains came in part-time jobs which surged 106,700, while more people went looking for work as the participation rate jumped to a 16-month peak of 65.2 percent.<\/p>\n

Analysts cautioned the series was notoriously volatile and carried a lot of statistical noise, but even then the scale of the gains could not be ignored.<\/p>\n

\u201cIt\u2019s really an off-the scale result to get more than 100,000 jobs created against expectations of only about 10-15,000, and is clearly a very big upside surprise,\u201d said Stephen Walters, chief economist at JPMorgan.<\/p>

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\u201cIt\u2019s always a bit difficult to track what\u2019s really going on in the labour market just looking at employment on its own, but when you look at the unemployment rate it\u2019s actually come all the way back down to 6.1 percent which is where we were a few months ago.\u201d<\/p>\n

July\u2019s spike in unemployment to a 12-year peak of 6.4 percent had caused a lot of hand-wringing at the time and much media talk of a sagging economy, and even recession.<\/p>\n

Since then data has shown the economy grew a little faster than expected in the year to June at 3.1 percent, while retail sales and home building has been running firm.<\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n

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Article by ForexTime Australian employment surged by the most on record in August and far beyond the most optimistic forecast, on the face of it a stunningly strong report that should calm recent concerns about the health of the economy. The local dollar AUD=D4 leaped and markets are virtually pricing out the chance of a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-60158","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=60158"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/60158\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=60158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=60158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=60158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}