Australia employment grew just 0.5k in June, below expectation of 9.1k. Full-time jobs increased 21.1k while part-time jobs decreased -20.6k. Unemployment rate was unchanged at 5.2% with participation rate steady at 66.0%.
ABS Chief Economist Bruce Hockman said, “Australia’s participation rate was at 66 per cent in June 2019, which means nearly two of every three people are currently participating in the labour market. The participation rate for 15 to 64 year olds was even higher and closer to four out of every five people.”
AUD/USD recovers strongly today despite the job data miss. With 0.6983 minor support intact, further rise is mildly in favor. Break of 0.7047 resistance will resume the rebound from 0.6831 to 61.8% retracement of 0.7295 to 0.6831 at 0.7118.
