Australia’s September jobs figures mostly came in the green, as the economy reported a much faster pace of hiring for the month at 64.1K versus the projected 25.2K increase. This was enough to keep the jobless rate at 4.1% instead of the expected 4.2% reading.
The previous report also enjoyed a positive revision on the unemployment rate from 4.2% to 4.1%, although the employment change figure was downgraded from 47.5K to 42.6K.
Link to Australia’s Labor Force Survey (September 2024)
Components of the September jobs report showed an improvement in the participation rate from 67.1% to 67.2%. Full-time employment increased by 51.6K while part-time hiring rose by 12.5K.
Market Reactions
Australian Dollar vs. Major Currencies: 5-min
Overlay of AUD vs. Major Currencies Chart by TradingView
AUD pairs had been cruising sideways in the hours leading up to the jobs report, which then triggered a burst of green across the board after the numbers turned out stronger than expected.
The Aussie held on to its gains and went for more roughly a couple of hours after the upbeat labor report was released, before pulling back from its rally.
Still, AUD/CHF is looking at the largest lead at 0.59% followed by AUD/CAD at 0.52%. The Aussie pared some of its gains against the euro, as traders are likely gearing up for the ECB monetary policy decision later today.
