Australian Employers Unexpectedly Add 32,200 Workers

Discussion in 'Forex' started by ASusilovic, Aug 5, 2009.

  1. Aug. 6 (Bloomberg) -- Australian employers unexpectedly added workers in July, driving up the nation’s currency on speculation the central bank will raise borrowing costs by the end of the year.

    The number of people employed rose 32,200 from June, the statistics bureau said in Sydney today. The median estimate of 18 economists surveyed by Bloomberg was for a decline of 18,000. The jobless rate held at 5.8 percent.

    Central bank Governor Glenn Stevens kept the benchmark interest rate at a half-century low of 3 percent this week for a fourth month and signaled his next move may be an increase, saying the economy is “stronger than expected a few month ago.” Woolworths Ltd., the nation’s largest retailer, is among companies hiring to meet demand amid rising consumer confidence.

    “It’s another sign of resilience and employers holding on to labor, so it provides some confidence in the future,” said David de Garis, a senior economist at National Australia Bank Ltd. in Sydney. The next move for interest rates “will be up.”

    The Australian dollar rose to 84.43 U.S. cents at 12:17 p.m. in Sydney, close to its highest in more than 10 months, from 84.26 cents just before the report was released. The two-year government bond yield jumped 5 basis points to 4.45 percent. A basis point is 0.01 percentage point.

    Good news for the Aussie...Can you provide some jobs to US "immigrants" down under ?:)