AUD/USD Slumps as Aussie Jobless Rate Hits 4.6% Amid Part-Time Hiring Surge
The Australian unemployment rate rose to 4.6% in August from 4.5% in July, surpassing market forecasts of a steady 4.5%. The number of employed individuals increased by 39.5K, outperforming expectations for a 20K gain. However, this rise was largely driven by part-time employment, which surged by 45.8K after a revised 30.8K decline in July.
Full-time jobs, on the other hand, fell by 6.3K following a revised 14.9K increase in July. Hours worked also rose by 14 million in August, marking a turnaround from the previous month's 14 million drop. Annual growth rates for employment and hours worked stood at 1.6% and 1.7%, respectively.
The AUD/USD pair reacted to the news with a 0.18% decline to 0.7026. The Reserve Bank of Australia had maintained its Official Cash Rate at 4.35% in August, while the Federal Reserve's benchmark rate remained in the 3.75%, 4.00% range.