Some of the worst news to strike the Australian economy this month was released this morning at 2:30 GMT. The Australian Bureau of Statistics published two significant reports on employment today, each highlighting a sharp downturn in job growth and increasing numbers of unemployed.
The Employment Change figure showed a net loss of approximately 100 jobs in July, the first contraction in job growth since April. The official unemployment rate in Australia also climbed 0.2% to 5.1% this month, the highest it has been since December 2010. The bearish news from Australia’s housing and jobs sectors are generating significant pressure on the value of the Australian dollar (AUD) this week, and doesn’t appear to be abating anytime soon.
Read more forex trading news on our forex blog.
