Australian jobs numbers for September were mostly in the green, with the economy reporting a much faster pace of hiring for the month at 64.1k versus an expected increase of 25.2k. This was enough to keep the unemployment rate at 4.1% instead of the expected reading of 4.2%.
The previous report also enjoyed a positive revision in the unemployment rate from 4.2% to 4.1%, despite a reduction in the employment change figure from 47.5K to 42.6K.
Link to Australian Labor Force Survey (September 2024)
Components of the September jobs report showed turnout improving from 67.1% to 67.2%. Full-time employment increased by 51.6 thousand while part-time employment increased by 12.5 thousand.
Market reactions
Australian dollar against major currencies: 5 minutes
Overlay of the Australian dollar against the major currencies Chart by TradingView
AUD pairs were sailing sideways in the hours leading up to the jobs report, which then led to a wave of green across the board after the numbers came in stronger than expected.
The Australian dollar held onto its gains and held on for more than about two hours after the upbeat jobs report, before pulling back from its rally.
However, the AUD/CHF looks to make the biggest advance at 0.59%, followed by the AUD/CAD at 0.52%. The Australian dollar pared some of its gains against the euro, with traders likely bracing for a rally Monetary policy decision of the European Central Bank Later today.