Aussie dollar drops after jobless rate rises to 3.7%
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The news: Unemployment rose in July from 3.5% to 3.7%, slightly higher than expectations, pushing the Aussie dollar lower.
The numbers: Employment dropped by roughly 14,600 people and the number of unemployed people rose by 36,000. Employment is still around 387,000 people higher than at the same time last year. There were roughly 541,000 people unemployed in July, which was still about 172,000 fewer than before the COVID-19 pandemic.
The context: With higher than expected unemployment and a drop in employment equal to economists' forecasts for jobs created, the Aussie dollar lost 0.5% shortly after the data release. before recovering slightly to USD0.638. The Reserve Bank of Australia expects unemployment to reach 4.5% in the second half of 2024.
The source: ABS Data
