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12.02.2015 12:12

Australia's unemployment rate reaches the lowest level since August 2002

The Australian Bureau of Statistics released its labour market data on Thursday. Australia's unemployment rate rose to 6.4% in January from 6.1% in December, missing expectations for a rise to 6.2%. That was the lowest level since August 2002.

The number of employed people in Australia dropped by 12,200 in January, missing expectations for a decrease by 4,700, after a gain by 42,400 in November. December's figure was revised up from an increase by 37,400.

Full-time employment declined by 28,100 in January, while part-time employment rose 15,900.

Participation rate remained unchanged at 64.8%.

These figures could mean that the Reserve Bank of Australia might cut its interest rate again. The central bank said that rising unemployment was one of the main reasons for the interest rate cut last week.

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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