Australian Job Growth Returns
After a temporary setback following the recent floodings, job growth returned in Australia, with 37,800 new jobs, (the equivalent of about 500,000 in America), pushing the unemployment rate down to 4.9%.
As I have stated before, this boom will likely continue as long as commodity prices remain at a high level.
Following the news, the Australian dollar rose to a new high of US$ 1.048. This reflects in part general U.S. dollar weakness, but also that the news means that the probability of more interest rate increase by the Reserve bank of Australia.
As I have stated before, this boom will likely continue as long as commodity prices remain at a high level.
Following the news, the Australian dollar rose to a new high of US$ 1.048. This reflects in part general U.S. dollar weakness, but also that the news means that the probability of more interest rate increase by the Reserve bank of Australia.
posted by stefankarlsson at 7:37 AM
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