Employment rose 76.3k in June, beating expectations
The Australian economy saw a significant increase in employment, with 76.3k jobs added in June. This surpasses the expected 15k jobs.
The strong job growth was driven by a rise in full-time employment, which increased by 29.3k, and part-time employment, which rose by 47.0k. The participation rate also jumped to 67.0% from 66.7%.
The quarterly average unemployment rate remained steady at 4.4%, still above the forecasted 4.2%. The market reacted to the news, with the Australian dollar and short-term yields rising.
The strong employment numbers may keep the possibility of an August rate hike alive, although it is still considered a lower probability outcome.