Australian employment fell again and disappointed market expectations. Apart from this, AUD/USD also weakened due to the prospect of a fed rate hike.
On Thursday (11/November), the Australian Bureau of Statistics released Employment Change data which slumped 46.3k in October 2021.
The data contradicted economists' expectations of a 50k job increase.
The decrease occurred in the full-time (-40.4k) and part-time (-5.9k) job categories.
Further facts reveal that the share of part-time jobs in October 2021 was at the level of 30.3 percent of the total national employment, 1.4 percent lower than the level in March 2020.
By region, Victoria was the region with the steepest Employment decline (-1.5 percent), followed by Tasmania (-0.8 percent), then Western Australia and Queensland (-0.3 percent each).
On the other hand, Northern Australia still recorded an increase of 2.8 percent, as did New South Wales (+0.6 percent) and South Australia (+0.3 percent).
Not much different from the Employment Change, Australia's unemployment rate (Unemployment Rate) this time also presents bad news.
The data reportedly rose 0.6 percent to 5.2 percent, higher than economists' expectations of 4.8 percent.
AUD/USD getting under pressure
Overall, this morning's Employment Change data was disappointing and reflects the drag on the Australian workforce in the fourth quarter of 2021.
This condition no doubt further suppressed the movement of the Australian Dollar.
When the news was written, the AUD/USD pair weakened 0.19 percent from the daily open price in the range of 0.7311.
Technically, AUD/USD has posted a decline of more than 3 percent in the last two weeks.
This decline was mainly due to the stronger position of the US Dollar due to expectations of a Fed rate hike.
Moreover, the release of US inflation data last night showed a spike to a record high of 31 years.
This further strengthens the market view that the Fed may soon discuss the prospect of a rate hike at its December meeting.
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