Australia just posted a huge jobs report, with 37,700 jobs added for the month of March.
It’s a huge beat on expectations of 15,000 new jobs expected by the market. The numbers are strong across the board, with the participation rate rising to 64.8% from 64.7% and hours worked also rising.
The Aussie dollar has rallied on the news, rising around 1.2% against the USD.
The unemployment rate fell to 6.1%, when it was expected to remain steady at 6.3%.
The total number of employed Australians is at a new all-time record of 11,720,294.
Most of the decline in unemployment was due to jobs growth in NSW, Australia’s most populous state, where the unemployment fell from 6.2% to 6.0%.
Victoria was the only state to record an increase in unemployment, rising from 6.0% to 6.2%.
Westpac’s Sean Callow noted the market has already reduced its expectations for a cut to the official interest rate next month.
Source: Business Insider