AUD Slumps as Australia Loses 39,300 Jobs in September, Jobless Rate Rises

Key Facts

1Australian employment fell by 39,300 in September, missing expectations for a 20,000 increase.

2The unemployment rate rose to 4.7%, coming in higher than the 4.6% forecast.

3The AUD/USD pair broke key technical support levels at 0.69056 following the data release.

Australian employment fell by 39,300 in September, missing market expectations for an increase of 20,000 jobs. According to investinglive.com, the unemployment rate rose to 4.7%, exceeding the 4.6% forecast, while the labor force participation rate slipped to 66.8%.

The weak labor data triggered a break in key technical support levels for the AUD/USD pair at 0.69056. While part-time employment dropped by 73,700, full-time positions grew by 34,400, providing the Reserve Bank of Australia (RBA) with room to remain patient and potentially pause interest rate hikes as the economy cools.