Australia unemployment rate expected to remain unchanged at 4.5% in August
Australia will release the August monthly employment report on Thursday at 01:30 GMT. Ahead of the announcement, analysts expect the country to have added 20K new jobs in the month, while the Unemployment Rate is expected to remain steady at 4.5%.
Australia's unemployment rate is expected to stay at 4.5% in August, according to the latest employment report. Analysts anticipate 20,000 new jobs to be added that month, with the Participation Rate remaining unchanged at 66.9%. The Australian Bureau of Statistics (ABS) will release figures on full-time and part-time employment, with full-time positions generally offering more stability and benefits.
The data release precedes the Reserve Bank of Australia's monetary policy meeting, where the OCR remains unchanged at 4.35% due to concerns about inflation. The US Dollar (USD) is trading stronger across the FX board, affecting the Australian Dollar (AUD) and driving AUD/USD to one-month lows below 0.7100. Technical indicators suggest further declines are possible if AUD/USD breaks below 0.7030, with the next hurdle at 0.6970.
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