Australian dollar bolts higher on strong employment data

In short

1. Unemployment unexpectedly fell to 5.2%
2. The drop in unemployment was largely driven by part-time employment
3. The AUD rose against all the major currencies but remains under 69 cents against the US dollar

The Australian dollar rose today against all the major currencies but remains just under 69 US cents.

At 1130 AEDT, the Australian Bureau of Statistics released the labour force data. This includes

• The unemployment rate
• The number of new jobs created or lost, both full-time and part-time
• The participation rate
• The underemployment rate

The figures showed that 39,900 more Australians were employed for the month. Most of these jobs (35,700) were part-time.

This meant that the overall unemployment rate fell to 5.2% which was not expected by markets.

The strong result led to an appreciation of the Australian dollar.